Fry Factory, Inc.
Studio City, CA
We are pleased to inform you that as a result of a contact made at this year's Invention Convention, Fry Factory has entered into a licensing agreement with the New Star Corporation, a Korean Corporation, for the exclusive rights to our technology in Korea.
The agreed initial licensing fee was $210,000. In addition, the New Star Corporation will pay Fry Factory a royalty of $1,000 per machine purchased for Korea and a royalty of $0.08 per serving of french fries purchased for consumption in Korea. Under the terms of our agreement, our new Korean Licensee will be required to purchase a minimum of 450 model CT-100 countertop french fry machines over the next three years. Our overall estimate of the value of the license is $5,000,000. This was all made possible as a result of our attendance at the Invention Convention.
We, once again, commend you and your staff for their efforts in putting together an excellent event and we hope that your efforts will continue. You are free to use this unsolicited testimonial and acclaim for invention of the Invention Convention as you see fit.Sincerely,
Jack C. Garber, CEO
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