Fuji WARF and the extension, page-2

"I am annoyed by WARF, imposing non disclosure on our contract with them and also seemingly making it impossible for us to sell the damn thing."

I don't have the Eco Quest prospectus in front of me at the moment but my understanding is that it is the restrictions on sub-licencing (which are in the propsectus - pfeifer has pointed them out - so they aren't hidden - non disclosure isn't the problem) which has been the problem.

I have no doubt WARF want to make money with their IP. Where there is room for doubt in my opinion is if the existing terms have to be changed (to allow for sub-licencing to facilitate manufacturing logistics and flexibility in different regions for instance) (and it is years after the agreement was originally struck) WARF has a strong negotiating position because the existing terms need to be changed with their consent. And they may want more for making that change. Arguably a design flaw was left in the original deal.

As for Sumi changing things for Fuji I think its clear that the Fuji option has precedence and must impact on Sumi because in theory if Fuji exercised and Sumi then took over the company (via scheme of arrangement) then Fuji would have the option from Sumi.

So I think Fuji will use all the free time it has been given - there is no penalty in Fuji waiting until the last moment to exercise their option and the extra time is time that works in their favor (they can plan explore options etc) and might disadvantage Sumi if Sumi is a potential competitor because it is making them wait.