BRK Announces Creation Of Operating Company For Commercialization Of Its IP – May 29, 2020
Henderson, NV, May 29, 2020 /PRNewswire/ BRK, Inc. (the ”Company”) (OTC:BRKK) the Company wishes to inform its shareholders that following the recent successful implementation of its FINRA approved reverse split, management will proceed quickly towards completing its corporate restructuring. As such, BRK will not be spinning off its valuable IP into a separate company but rather, retaining it in BRK along with its valued judgements and future litigation. To that end, management is currently finalizing the creation of a new entity, which will market the products and services enabled by BRK’s patent-pending camera technologies.
The creation of this newly formed Operating Company (the”OPCO”) envisions an IP Licensing Agreement over a three-year period of time, which will entail BRK retaining ten percent (10%) equity of OPCO and receive Royalty payments of five percent (5%) per year on the total revenues generated. At the end of the three-year period, there will be an option for OPCO to purchase said IP for USD$5 Million Dollars.
Mr. Michael Kovacocy, Director of Recapitalization, Restructuring and Investor Relations commented: “With today’s announcement, the restructuring of BRK is finally complete, giving the company an optimal profile for working with its capital markets and operational strategic partners.” Daniel Serruya, CEO of BRK further commented: “management believes that this structure will both better protect shareholders of BRK and ensure optimal exploitation and monetization of its valuable IP assets so as to maximize long-term shareholder value.”
BRK Inc. (OTC PINK: BRKK), established in 2008, is owner of the Helmet Camera intellectual property (patents-pending) that make the RefCam possible. With the acquisition of the live broadcast helmet camera patent, BRK is poised to enter sports marketing in a big way. iSee Sports Inc. is a wholly owned subsidiary of BRK, Inc.
The foregoing contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are intended to be covered by the safe harbor provisions of the federal securities laws. Forward-looking statements often contain words such as “will,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “is targeting,” “may,” “should,” ”poised,” and other similar words or expressions. Forward-looking statements are made based upon management’s current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those described in any of our other filings with the SEC. In addition, such statements could be affected by risks and uncertainties related to: (i) commercialization of our newly-acquired helmet camera, (ii) continuing development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the need to raise capital to meet business requirements, and (v) our ability to sell our products in order to generate revenues. Forward-Looking Statements are pertinent only as of the date on which they are made, and the company undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Any future public statements or disclosures modifying any of the forward-looking statements contained in or accompanying this news release, will be deemed to supersede such statements in this news release. Information on BRK Inc.’s website, http://www.brkincorporated.com does not constitute a part of this release.