MARKHAM, ON, - Zoglo's Incredible Food Corp. (CSE: ZOG) (FSE: 7UT) ("Zoglo's" or the "Company"), a plant-based food company, announces that it has successfully canceled its existing production agreement and has entered into a new agreement with Naknik Nahariya Kasher Soglowek Ltd. ("Soglowek") to waive the Company's existing debt of CDN $2.5M and transfer of all trademarks concerning Zoglo's and the Zoglo's Incredible™ brand to the Company.
As part of the new agreement, the Company has agreed to the following terms with Soglowek:
- The Company is to pay 3% in royalties from any product sold under the Zoglo's brand in perpetuity to Soglowek
- Zoglo's brand sales are to be verified by a Soglowek-appointed accountant quarterly
- Royalty payments are made every 30 days
- Soglowek will have the right to review the Company's sales reports
- Zoglo's will have the right to use the IP, as long as royalties are paid
- The ownership of the IP will remain with Soglowek
"We are thankful and pleased for Soglowek's continuous confidence in our team and operations to bring Zoglo's unique and delicious plant-based offerings across North America," commented Jim Delsnyder, CEO of Zoglo's. "By restructuring our debt, we are better positioned to continue focusing on growth and increasing our brand presence across the retail landscape."
For a full breakdown of all Zoglo's products and where they can be purchased, please visit the Company's product section on its website.
Source : Newswire.ca