O
n
teco Corporation, a provider of innovative, practical and cost-effective solutions for energy saving lighting industry, announced that it had received 2,037,948 shares of common stock of a publicly-traded company currently listed on the Frankfurt Stock Exchange.
The stock is presently valued at $2.9 million U.S. dollars and is part of the payment due under the terms of the international licensing agreement signed April 30, 2012, with JARLYN S.A., ("
J
A
RLYN"
)
a Uruguayan corporation, for Onteco's
p
roprietary LED intellectual property ("
I
P
"
)
,
developed by its subsidiary, NexPhase Lighting, Inc. ("
N
e
xPhase"
)
.
Under the terms of this agreement, Onteco is to receive a combination of $2.9 million dollars of common stock of a publicly-traded company acceptable to Onteco, cash and an ongoing royalty on gross revenues from the sales and installations of lighting products by JARLYN which use the IP.
"
W
e
are delighted to have received the stock due as payment in the licensing transaction,"
D
ror Svorai, President of the Company, stated, "
J
A
RLYN will be using our IP in their new products which will be sold throughout Uruguay in the coming years, and we look forward to a long relationship with them, and continuous growth in revenues."
