On July 31, 2016, Airborne Wireless Network, a Nevada corporation (the Company), as the therein defined Buyer, and Apcentive, Inc., a Nevada corporation, defined therein as the Seller, entered into and executed a written Intellectual Property Purchase Agreement (the Purchase Agreement). Pursuant to the terms and conditions of the Purchase Agreement, the Company will purchase from Apcentive a patent and a trademark (the Intellectual Property).
Pursuant to the provisions of the Purchase Agreement, the consideration to be provided by the Company for the Intellectual Property is (i) 40,000,000 shares of the Companys common stock and (ii) a royalty in the amount of 1 % of the net cash revenue the Company receives from the promotion, marketing, sale, distribution, and other exploitati on of the patent included the Intellectual Property.
The foregoing information regarding of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, a copy which is attached hereto as Exhibit 10.1 and is in incorporated herein by this reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
1 Intellectual Property Purchase Agreement between Airborne Wireless Network and Apcentive Inc. dated July 31, 2016.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AIRBORNE WIRELESS NETWORK
Date: October 21, 2016
/s/ J. Edward Daniels
J. Edward Daniels
President & CEO
Intellectual Property Purchase Agreement between Airborne Wireless Network and Apcentive Inc. dated July 31, 2016.
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