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1. Non-Binding Heads of Agreement: VTL and HVMT have agreed on the terms of a non-binding Heads of Agreement, under which HVMT will become the distributor of VTL's patented and clinically-proven sports nutraceutical product, NE1 Elite(R), in the PRC.
2. Distributorship Role: HVMT is appointed as the distributor for NE1 Elite(R) in the PRC. This partnership leverages HVMT's deep expertise and extensive network in the Chinese healthcare industry to introduce NE1 Elite(R) to a vast and rapidly growing market.
3. Nature of Agreement: Initially, the distributorship will commence on a non-exclusive basis. It will transition to an exclusive agreement once HVMT achieves the pre-agreed sales targets, demonstrating the mutual commitment to the success of this venture.
4. Term Duration: The agreement is set for a total term of 2 years, with the option to extend for an additional 3 years via mutual agreement, reflecting the long-term strategic partnership between VTL and HVMT.
VTL and HVMT expect to enter into a definitive binding contractual agreement based on these Heads of Agreement by early
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