Memorandum of UnderstandingMemorandum of Understanding • March 30th, 2010 • Coates International LTD \De\ • Motor vehicle parts & accessories
This memorandum of understanding among Coates International, Ltd. (CIL), Well To Wire Energy, Inc. (WWE) and Almont Energy, Inc. (Almont) is intended to achieve the collective strategic business objectives of the parties in connection with the licenses for the Coates Spherical Rotary Valve Technology in the territories of Canada and the United States in accordance with the “Field of Use”, as defined in each respective license agreement. The primary objective is to provide increased assurance to CIL that monies due it under the US and Canadian licensing agreements with WWE will be paid and to grant an exclusive license to Almont for the territory of Canada and the rights to the US license with WWE, provided however, that no grant of the US License shall be made until the down payment towards the licensing fee is paid in full. The following presents the agreed-upon binding obligations of the parties upon execution of this memorandum of understanding.
