Blackline GPS Corp. Announces Renegotiation of Royalty Contract
April 13, 2011
CALGARY, CANADA--(Marketwire - April 13, 2011) -
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Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") announced today that it has renegotiated a significant contract for brand licensing royalties due on its retail products. The contract no longer carries a requirement for minimum royalty payments; instead the royalty payments are calculated solely as a percentage of sales generated from retail products sold in a quarter. The remaining minimum payments had been previously set at a total of $625,000 USD, $250,000 USD in the final 3 quarters of the fiscal year ended October 31, 2011 and $375,000 USD in the fiscal year ended October 31, 2012.
"This adjustment of the licensing agreement allows us to focus our core resources on the delivery of our new Industrial Safety and Commercial products which are scheduled for release later this year," said Cody Slater, Chairman and CEO of Blackline.
About Blackline: Headquartered in Calgary, Canada, Blackline designs, develops and manufactures industrial, consumer and commercial safety products. The solutions developed by Blackline address work environments that recognize the need to protect employees working alone or in field situations, while also offering real-time and exact global positioning location information. Blackline's mission is to become the dominant manufacturer and marketer of the most technologically advanced connected safety products in the world. Allowing customers to PROTECT their valued assets, SHARE the conditions of their environment, and CONNECT with emergency services when necessary.
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