Such technology rights are the subject of an exclusive licensing agreement between HAE and Water Power Technologies (WPT), a wholly-owned subsidiary of HAE.
The company acquired such patent technology rights from the inventor, Harry Robinson, a former WPT unit holder and now a company shareholder, in consideration for $5,000 and a guarantee on the part of HAE to pay certain vendor fees owed by the inventor in connection with the preparation of the patent applications.
HAE also acquired the rights in consideration for an earned running royalty agreement between HAE and the inventor which provides for HAE to pay the inventor an earned running royalty rate of 1% based on the net selling price of patented products sold using the technology, commencing with the first sale, for the duration of HAE’s patent rights.
Mark Antonucci, chief financial officer and co-founder of HAE, said: “We are very excited about this patent rights technology acquisition and believe that it will accelerate our efforts to produce working turbines for clean, low cost electric energy production and deployment in slow moving water in areas not yet currently serviced.”
