Letter of Intent for Intellectual Property Purchase between FBEC Worldwide Inc. and G. Randall & Sons, Inc.
FBEC Worldwide Inc. and G. Randall & Sons, Inc. have agreed in principle for FBEC to purchase the proprietary formula for a 2 oz hemp energy shot from G. Randall & Sons. The deal includes a $50,000 consideration ($15,000 cash and $35,000 in common stock), a 2.5% royalty on net sales, and a $3,000 monthly consulting fee. The formula will be delivered after the agreements are signed and the initial payment is made. Future product formulas may be acquired under similar terms. This letter outlines the basic terms before a formal agreement is executed.
EXHIBIT 10.1
FBEC Worldwide Inc.
Letter of Intent
June 29, 2015
Tyler Strause, President
G. Randall & Sons, Inc.
2069 Coast Blvd
Del Mar CA 92014
Dear Tyler,
FBEC Worldwide Inc. desires to engage G. Randall & Sons Inc. for the purchase of Intellectual Property related to the formulation and preparation of a 2 oz hemp energy shot as described in attachment 1: 2 oz Extra Strength Hemp Energy Shot - Original Formula.
G. Randall & Sons, Inc. (herein “GR&S”) agrees to provide the formula and recipe for a proprietary hemp energy shot (the “IP”) to FBEC Worldwide (herein “FBEC”) under an Intellectual Purchase Agreement with considerations of $50,000 ( $15,000 cash payment and, $35,000 in Common stock under a Convertible Note Agreement), A Royalty Agreement of 2.5% of net sales, and a Consulting Agreement with considerations of $3,000 per month.
Product formulation and recipe will be delivered upon receipt of the above executed documents and the cash payment of $15,000. Any changes to the IP formula, described in Attachment 1 herein, which do not substantially impact the final formulation, will be provided at no cost.
GR&S agrees that any future beverage product formulations and recipes will be acquired under an Intellectual Property Purchase Agreement for $20,000 ( $10,000 in cash and $10,000 in Common stock under a Convertible Note Agreement), with a Royalty Agreement of 2.5% of net sales for each formulation and recipe.
Prepared By:
Linda Strause, Ph. D. Vice President
G. Randall & Sons, Inc.
Received By:
Robert Sand, CEO
FBEC Worldwide Inc.
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FBEC Worldwide Inc.
Letter of Intent
Attachment 1
2
oz - Extra Strength, Hemp Energy Drink - Original Formula
Hemp Juice Energy Shot –
Attachment 1
2oz - Extra Strength, Hemp Energy Drink - Original Formula
Hemp Juice Energy Shot –
| · | A two ounce shot made with hemp juice, aloe, sweetened with stevia and agave nectar. |
| · | Fortified with vital nutrients and amino-acids enriched with a proprietary blend of herbal extracts to deliver a boost of energy and all day focus. |
Base Ingredients
| · | Hemp Juice |
| · | Vegetable Glycerine |
| · | Agave Nectar |
| · | Aloe Juice |
| · | Sweetener of Choice |
Vital Nutrients & Amino Acids
| · | Beta-Carotene (Vitamin A) |
| · | Caffeine |
| · | Niacin (Vitamin B3) |
| · | Thiamine (Vitamin B1) |
| · | Pantothenic Acid (Vitamin B5) |
| · | Sodium (Sodium Ascorbate) |
| · | Biotin (Vitamin B7) |
| · | Phosphatidylserine |
Proprietary Herbal Blend
| · | Green Tea Extract (Camellia sinensis) |
| · | Siberian Ginseng Extract (Eleutheroccoccus senticosus) |
| · | American Ginseng Root Extract (Panax Ginseng) |
| · | Chinese Licorice Root Extract (Glycyrrhiza Uranelsis Radix) |
| · | Ginkgo Biloba Leaf Extract (Ginkgo biloba) |
| · | Guayusa Leaf Extract (Ilex guayusa) |
Other Ingredients : Soy Lecithin, Sodium Benzoate, Natural Flavor
G. Randall & Sons, Inc | 2069 Coast Blvd. Del Mar, CA 92014 | ***@*** | (858) 876.7901
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