Biozoom, Inc. – Biozoom Exercises Purchase Option Under Joint Venture Agreement With Spectroscopic Technology Developer, Opsolution (June 20th, 2013)
Biozoom to fund Opsolution's continuing research and development, and is assigned rights to all current and future intellectual property.AGOURA HILLS, Calif., June 14, 2013 /PRNewswire/ -- Biozoom (OTC QB: BIZM) exercised its option, under a joint venture agreement, to acquire 19.9% of Opsolution, a research and development company dedicated to advancing spectroscopic technology. Pursuant to the joint venture between the two companies, Opsolution assigned to Biozoom all of its rights to Opsolution's future intellectual property, whether developed or acquired, including licenses and royalty rights. In exchange, Biozoom agreed to fund Opsolution's ongoing research and development activities by matching certain grant funds awarded to Opsolution by the German government. Under Biozoom's asset purchase agreement with Opsolution, executed in parallel with the joint venture, Biozoom acquired all of Opsolution's existing tangible and non-tangible assets.