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CONX > SEC Filings for CONX > Form 8-K on 5-Jul-2013All Recent SEC Filings

Show all filings for CORGENIX MEDICAL CORP/CO



Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement.

On July 1, 2013, Corgenix Medical Corporation (the "Company") received written notice from legal counsel for Eiji Matsuura, Ph.D. ("Dr. Matsuura") that Dr. Matsuura desires to terminate the Amended and Restated License Agreement dated April 14, 2010 between the Company and Dr. Matsuura (the "License Agreement"). The License Agreement provides that Dr. Matsuura will license to the Company certain technology owned by Dr. Matsuura for the Company's use in making, using, and selling diagnostic products.

The notice states that Dr. Matsuura believes the Company has breached certain obligations under the License Agreement, including failing to execute an amendment to the License Agreement and breach of its implied warranties of good faith and fair dealing. Dr. Matsuura further asserts that, in accordance with the terms of the License Agreement, and unless the Company disputes the termination, the License Agreement shall be terminated effective 60 days after the date of the notice (i.e., August 30, 2013).

The Company disputes that Dr. Matsuura has sufficient cause for terminating the License Agreement and intends to contest the proposed termination in accordance with the terms of the License Agreement. Consequently, the Company cannot at this time predict whether the License Agreement will be terminated or the date of such termination, if any. Should the License Agreement be terminated, the Company does not expect to incur any early termination penalties as a result of the termination.

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