Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
BZYR > SEC Filings for BZYR > Form 8-K on 6-Jul-2012All Recent SEC Filings

Show all filings for BURZYNSKI RESEARCH INSTITUTE INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for BURZYNSKI RESEARCH INSTITUTE INC


6-Jul-2012

Entry into a Material Definitive Agreement, Financial Statements


Item 1.01 Entry into a Material Definitive Agreement.

On July 5, 2012, Burzynski Research Institute, Inc. (the "Company") entered into a Marketing and Consulting Agreement (the "Marketing Agreement") with Worldwide Medical Consultants, Inc., a Delaware corporation ("WMC"), and CARIGEN, LTD, a Cayman Island corporation ("SRB"), pursuant to which, among other things, WMC agree to (i) provide consulting and marketing services to SRB in Bahrain, Dubai, South Korea, Indonesia, Malaysia, Qatar, Singapore and Thailand (the "Covered Territories") for the consulting fee set forth in the Marketing Agreement upon a closing of a transaction in any of the Covered Territories (the "Consulting Fee"), and (ii) pay the Company an amount equal to ten (10) percent of each Consulting Fee received by WMC, net of certain expenses incurred by WMC (the "WMC Payment").

In consideration of the WMC Payment, the Company agreed to grant to WMC warrants ("Warrants") to acquire an aggregate of 2,000,000 shares of Common Stock of the Company (the "Common Stock"), as follows: (i) 1,000,000 shares of Common Stock exercisable at $0.10 per share with a ten (10) year exercise period upon the execution of the Marketing Agreement, and (ii) an additional 1,000,000 shares of Common Stock exercisable at $0.10 per share with a ten (10) year exercise period upon the first closing of a transaction as a result of WMC's services under the Marketing Agreement. Any taxes related to the grant or exercise of the Warrants shall be the responsibility of WMC.

The purpose of the services to be provided by WMC to SRB under the Marketing Agreement are (a) to assist SRB in locating and developing cancer or health related centers in the Covered Territories ("SRB Centers") and (b) to license to third parties certain know-how and intellectual property owned by SRB and/or its affiliates (but excluding the Company) in these Covered Territories ("SRB IP"). The initial term of the Marketing Agreement is five (5) years and shall continue thereafter on a year-to-year basis unless terminated upon notice by any party within sixty (60) days of the expiration of any term.

Except for the WMC Payment, the Company does not have a direct interest in the SRB Centers or the SRB IP in the Covered Territories. SRB will control and approve the development, operation and maintenance of the SRB Centers. Furthermore, SRB will determine and approve the licensing arrangement regarding its SRB IP in the Covered Territories. Any adverse results or liabilities related to the development and utilization of Antineoplastons by SRB in these Covered Territories may have a material adverse effect on the Company.

SRB is currently wholly-owned and controlled by Stanislaw R. Burzynski, M.D., Ph.D., who is the Chairman and Chief Executive Officer of the Company.

The foregoing description of the Marketing Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Marketing Agreement (attached hereto as Exhibit 10.10) and incorporated herein by reference).



Item 9.01 Financial Statements and Exhibits.

Exhibit No.                                  Exhibit

10.10         Marketing and Services Agreement, dated July 5, 2012, by and among
              Burzynski Research Institute, Inc., Worldwide Medical
              Consultants, Inc., and CARIGEN, LTD


  Add BZYR to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for BZYR - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2013 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.