FOR IMMEDIATE RELEASELicense Agreement • August 26th, 2003 • Naturol Holdings LTD • Mining & quarrying of nonmetallic minerals (no fuels)
January 13th 2003. (OTC:BB-NTUH) Naturol, Inc., a wholly owned subsidiary of Naturol Holdings Ltd., (Naturol) entered into a License Agreement ("the Agreement") with MGA Holdings (MGA) on the 20th day of August, 2001 granting Naturol the exclusive North American rights under certain patents held by MGA in a process for the extraction of oils from natural plants and other materials. Under the terms of the Agreement, Naturol was obligated to fund and advance the commercial development of the technology, which included the annual payment of a $360,000 license fee payable quarterly, in addition to royalty payments. Additional consideration was issued by Naturol in consideration for the grant of the license, the terms of which have been disclosed in Naturol's press releases and public filings.
