marijuana stock news

Form 8-K for INERGETICS INC


1-May-2015

Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.On April 25, 2015, Inergetics, Inc. (the “Company”) received a letter dated April 16, 2015 (the “Notice”) from Martha Stewart Living Omnimedia, Inc. (“MSLO”) terminating the License Agreement (the “Agreement”) dated May 7, 2013 between MSLO and the Company. The Company’s management made the decision not to make payments under the Agreement. Pursuant to the Notice, the Agreement shall terminate on May 16, 2015. There is a six month period for the Company to sell through product inventory. The Company will continue to support sales and marketing during this period.

During the last quarter of 2014 and the fiscal year ended December 31, 2014, sales of products under the Agreement represented, respectively, approximately 20% and 52% of total sales. Accordingly, management does not believe that the termination of the Agreement will have a material adverse effect.


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

$TURV Finishes Financing for Initial Cannabis Greenhouse

GrowCo Completes Financing for Initial Cannabis Greenhouse Computer Controlled Facilities Designed to…

Marapharm Ventures Inc. (MRPHF) Announces a Fully Funded Operating Agreement with Full Spectrum Medicinal Inc.

Marapharm Ventures Inc. Announces a Fully Funded Operating Agreement with Full Spectrum…

GB Sciences, Inc. (GBLX) Louisiana Receives All Approvals and Announces the Opening of the Full Tissue Propagation Cannabis Cultivation

GB Sciences Louisiana Receives All Approvals and Announces the Opening of the…