Update: Invent-Tech receives latest news on possible licensing agreement for kitchen accessory…

April 17th, 2007

Good afternoon, Juan C. Blanco, Director of Product Licensing, checking in with a quick update on a situation we’ve been tracking for several days. As regular readers of the Invent-Tech Network know, we seemed to have a licensing agreement all but done a week ago today (”Breaking News: Copy of licensing agreement for kitchen accessory already signed by manufacturer received via fax this morning…“). As we subsequently reported on April 11th however (”Update: Negotiations continuing in an effort to finalize licensing agreement on Invent-Tech inventor’s kitchen accessory…“), a stalemate had been reached over the issue of the amount of the advance against royalties the inventor was supposed to receive once the agreement was signed by both parties.

Our California-based industry partner, who has been assisting with the negotating of this deal with the Hong Kong-based potential licensee, informed us today that the company has asked to have about 3 more weeks to make an absolute final decision on what to do and what terms to do it under. It appears that once the question about the amount of the advance arose, the company also opted to take some additional time to see if the test market for another product they are attempting to debut would go well. This is scheduled to happen over the first few days of May, hence the tentative May 10th date that the manufacturer has requested they be given until to make a final decision on the Invent-Tech inventor’s kitchen accessory.

We will obviously continue to monitor this situation closely and will hopefully be able to bring you news of a favorable outcome in the next few weeks. Stay tuned!

Entry Filed under: Licensing News, The Invention Hub, Invent-Tech News