EXHIBIT 10.11
14 March 2001
Xx. Xxx Xxxxxxx
Organic Power
Xxxxxxxxxxxxx. 0x
xx 0000 Xxxx
0000 Xxxx
Xxxxxx
Dear Ove:
This letter will confirm the mutual intent of Ocean Power Corporation and
Organic Power to pursue a mutually satisfactory and long-term business
relationship. You and I have agreed that, initially, our companies will commence
negotiations of the terms of an exclusive license agreement for Organic Power's
gasification technology. The exclusive license will authorize the use of your
technology only in the areas of distributed power and seawater desalinization.
The license will initially be geographically limited to the three areas in which
we have executed either Joint Venture Agreements or Heads of Agreement. Those
geographical areas are: (1) Greece and the Greek portion of the island of
Cyprus; (2) Mexico; and (3) a specific list of twenty-eight countries,
territories and islands in the Caribbean region. We further agreed that this
agreement will automatically terminate, unless our companies are able to
complete their negotiations and execute the contemplated license agreement on or
before June 30, 2001. We also agreed that this Letter of Intent is non binding
mid will remain non-binding until the license agreement is properly authorized
and executed by our respective companies.
We also agreed to commence discussions concerning the granting of an exclusive
license for Organic Power's gasification technology in the United States and
Canada. These discussions may be terminated at any time by either party by
notice in writing. While these discussions are ongoing, neither party will enter
into discussions with any third party about the use of Organic Power's
gasification technology or any similar technology, without first providing
written notice to the other party that such discussions are about to commence.
This agreement is also non-binding and will only become binding upon execution
of a license agreement for the United States and Canada.
If you agree that this letter accurately sets forth the agreements we made
yesterday, please confirm this by signing this Letter of Intent below and
returning a signed copy to me.
Best regards,
By: /s/ Xxxxxx X. Xxxxxxxx
--------------------------
Xxxxxx X. Xxxxxxxx
I have read this Letter of Intent and agree that it sets forth the agreements
between Ocean Power Corporation and Organic Power.
Organic Power
By: /s/ Xxx Xxxxxxx
-------------------
Xxx Xxxxxxx
Date: 14/3 - 2001
