Mr. Jim Delsnyder reports
ZOGLO'S INCREDIBLE FOOD RESTRUCTURES AGREEMENT WITH ISRAELI FOOD GIANT SOGLOWEK TO WAIVE DEBT AND TRANSFER TRADEMARKS
Zoglo's Incredible Food Corp. has successfully cancelled its existing production agreement and has entered into a new agreement with Naknik Nahariya Kasher Soglowek Ltd. to waive the company's existing debt of $2.5-million and transfer all trademarks concerning Zoglo's and the Zoglo's Incredible brand to the company.
As part of the new agreement, the company has agreed to the following terms with Soglowek:
The company is to pay 3 per cent in royalties from any product sold under the Zoglo's brand in perpetuity to Soglowek.
- Zoglo's brand sales are to be verified by a Soglowek-appointed accountant quarterly.
- Royalty payments are made every 30 days.
- Soglowek will have the right to review the company's sales reports.
- Zoglo's will have the right to use the IP (intellectual property), as long as royalties are paid.
- The ownership of the IP will remain with Soglowek.
"We are thankful and pleased for Soglowek's continuous confidence in our team and operations to bring Zoglo's unique and delicious plant-based offerings across North America," commented Jim Delsnyder, chief executive officer of Zoglo's. "By restructuring our debt, we are better positioned to continue focusing on growth and increasing our brand presence across the retail landscape."
About Zoglo's Incredible Food Corp.
Zoglo's Incredible Food is a publicly traded plant-based food company that offers nutrient-rich, plant-based appetizers, veggies and meat substitutes to fulfill consumers' needs for all occasions and cooking requirements.
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