The attorneys representing the vendors and representing Winning Brands have both cooperated to strengthen our acquisition transaction, and they have received recent help in the process from our major patent licensor partner – a respected multinational corporation with billions in sales and tens of thousands of employees – but the court needs an extra 60 days to deal with the suggested enhancement to the vesting order.
Winning Brands acquisition of the Tech Div property (intellectual rights and physical assets) does not require the prior approval of the principal patent rights licensor; only notification in a prescribed manner. However, the attorneys and the licensor itself have cooperated to create an additional assignment agreement that goes beyond the original “implicit” notification approach, in order to make the transfer of these rights to Winning Brands absolute by linking it to the Asset Purchase Agreement. The attorneys felt that this explicit additional approval of the principal licensor will enable the court to make its vesting order with greater confidence and provide certainty to Winning Brands shareholders that the transfer of rights to Winning Brands is final.
Therefore, the vesting order is re-scheduled for action by the court by April 15th, rather than February 15th. I have been given this new court timing only a few minutes ago and am sharing it immediately today with shareholders.
Bottom line – the Tech Div acquisition is still happening as previously envisioned. I have chosen to accept the attorneys’ advice on how to strengthen the vesting order, rather than turning down their request for “appearance sake” on the timing. It was a difficult decision, because we are all anxious to get on with things, but it is immensely positive to our future and therefore serves our long term interests best that I bite-the-bullet and accept this well-meaning guidance.
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Also in the meantime, you will be hearing more about Winning Brands’ other activities.
Sincerely,
Eric Lehner, CEO
Winning Brands
