Information  X 
Enter a valid email address

Legendary Invest PLC (LEG)

  Print      Mail a friend

Wednesday 27 April, 2011

Legendary Invest PLC

IP Licence and Service Agreement

RNS Number : 5590F
Legendary Investments PLC
27 April 2011
 



27 April 2011

Legendary Investments Plc

 

("Legendary" or the "Company")

 

Intellectual Property Licence and Service Agreement

 

Legendary is pleased to announce that it has entered into an intellectual property ("IP") licence and service agreement (the "Agreement") for the supply of elite Pongamia Pinnata ("Pongamia") scions and grafts of mother trees ("scion material") to Bosques Energeticos EBE S.A. de C.V. ("BE EBE").  BE EBE has already introduced Pongamia seeds to Mexico that have germinated. The elite Pongamia scion material will be used to start what is believed to be the first elite Pongamia mother garden in Mexico.

Legendary has sourced elite Pongamia scion material and expertise on their cultivation internationally and will sell these on to BE EBE. Legendary will also make available to BE EBE, training in the development and cultivation of the elite Pongamia in Mexico. The mother garden will be used to multiply the elite Pongamia scion material in Mexico so that a significant amount of elite scion material is available for a rapid expansion programme by BE EBE in the planting of bio diesel producing crops which includes Pongamia.

Under the Agreement, BE EBE will pay Legendary for the supply of materials required to develop the Pongamia mother garden in Mexico and BE EBE will pay to Legendary a royalty fee on the sales of elite Pongamia scion material. BE EBE will have the right to sub-licence the supply of the elite Pongamia scion material and cultivation expertise to any company incorporated or established in Mexico provided that any sub-licence agreement shall comply with the provisions of the Agreement. In such cases, BE EBE will pay Legendary a royalty on the value of sales of elite Pongamia scion material to such sub-licensees or third parties. Any sales by sub-licensees shall attract a further royalty fee payable to Legendary.

Legendary expects that this strategy will assist BE EBE in its expansion programme to plant out and cultivate large areas of bio diesel producing plantations in Mexico using elite Pongamia as part of its bio energy crop.

Under the terms of an Option Agreement announced on 26 November 2010, Legendary has an option in invest in up to 40 per cent. of the equity of BE EBE and the Agreement announced today demonstrates Legendary's intention to pro-actively assist its investee companies in developing and adding value to their businesses.

Contact:



Legendary Investments Plc

Rajesh Rai

020 8201 3536

Northland Capital

Partners Limited

(Nominated Adviser)

Gavin Burnell / Rod Venables

020 7796 8800

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCDKODBNBKDQQB

a d v e r t i s e m e n t