I tend to agree with you. The agreement sounds to me more like an MoU, pursuant to the phrase 'Once product specifications have been approved'. This is an escape hatch for the other party (I would have thought they would be well aware of the Product Specs?) . Meanwhile, we give away 10MM options with a strike price of 50 cents (current value $500k approx., I used Black-Scholes), which, if the deal goes well, will practically re-imburse the other party for the Dotz we sold them.
I'm also not so sure I'm happy about a JV located in China. The reputation regarding respect for Intellectual Property is patchy, IMHO.
Still, overall I regard this announcement as positive. It does have large potential if all goes well.
All IMHO
Ann: DTZ Signs US$15m Distribution & Sales Agreement for China, page-42
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