MEMORANDUM OF UNDERSTANDING dated January 10, 2012 This memorandum of Understanding (“MOU”) is entered into by and between MagneGas Corporation
Exhibit 10.2
MEMORANDUM OF UNDERSTANDING dated January 10, 2012
This memorandum of Understanding (“MOU”) is entered into by and between
MagneGas Corporation
000 Xxxxxxxxx Xxxx
Xxxxxx Xxxxxxx, Xxxxxxx 00000, X.X.X.
(“MNGA”)
and
MAASE SPRL (Magnegas Arc Applied Solutions Europe)
Xxx Xxx Xxxxxx 0
0000 Xxxxxxxx Xxxxxxx (“MagneGas Europe”)
1. RECITALS
Whereas, MagneGas Corporation (“MNGA”) is a publicly traded corporation organized and existing under the law of the state of Delaware with its principle place of business in the state of Florida.
Whereas, MASSE SPRL (“MagneGas Europe”) is a corporation organized and existing under the law of the country of Belgium.
Whereas, MNGA is engaged in the business of generating gaseous fuel from liquid waste with its Plasma Arc Throw (“XXX”) Recyclers under U.S. patents and patent applications as described in details in the website xxx.xxxxxxxx.xxx.
Whereas, MagneGas Europe is engaged in the same technology of XXX recyclers in the continental Europe under European patents and patent applications.
Whereas, MNGA wants to acquire all the intellectual rights of the XXX technology in Europe and MagneGas Europe is interested in selling said rights.
THE PARTIES AGREE TO THE FOLLOWING
MagneGas Europe hereby grants to MNGA an exclusive option for the purchase of all intellectual rights on the XXX Technology in Europe, including patents, patent applications, copyrights, domain names and know-how, with the purchase to occur at mutually acceptable terms and conditions. The exclusive option will expire on December 31, 2012. The exclusive option is being granted in exchange for the consideration to be given by MNGA to MagneGas Europe as described to Schedule A, attached hereto.
In Faith
MagneGas Corporation
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/s/ Ruggero Xxxxx Xxxxxxxx
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01-10-12
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Ruggero Xxxxx Xxxxxxxx
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Date
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CEO
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MAASE, SPRL
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/s/ Xxxxxxx Xxxxxxxx
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01-10-12
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Xxxxxxx Xxxxxxxx
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Date
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President
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Schedule A
| Testing of Magnegas for European client by KEMA Facility | $ | 5,018 | ||
| Attorneys for reviewing Contracts, Graphic work for advertising Hydrogen specialist Consulting fees | $ | 12,327 | ||
| Travel to Italian and English clients by Magnegas personnel | $ | 4,500 | ||
| TOTAL | $ | 21,908 |
