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IDS SOLAR TECHNOLOGIES, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 1.01 Entry Into A Material Definitive Agreement
On January 28, 2013, we entered into a Marketing / Sales & National Call Center
Services Agreement (the "Agreement") with Global Response Marketing, LLC
("Global"). Under the Agreement, Global has agreed to provide coordinated sales
and marketing services for our line of portable solar power generators. Global's
marketing and sales efforts will be directed from its national call center
located in Henderson, Nevada. The term of the Agreement is one year, with
provision for automatically-renewing additional one-year terms. The Agreement
specifies quarterly minimum targets for Global, with the ultimate initial target
being the engagement of a total of 120 new dealers for our products by the end
of the initial one-year term.
As compensation for its sales and marketing efforts, Global will be paid a
commission of 12% of the wholesale price of all units sold to dealers engaged by
Global, with a guaranteed base commission of $9,633 per month. In addition we
will pay Global a monthly "per seat" charge of $50 for each seat in its national
call center dedicated to sale of our products, reimbursement of monthly
incidental costs per dedicated seat of up to $50 each, and the fixed costs
incurred by Global for all dedicated sales people.
Sales revenue collected by Global shall be held in a segregated account and paid
to us weekly, net of commissions and agreed expenses. We will retain full
editorial control and approval of all marketing materials. Direct costs incurred
by Global for marketing promotional efforts related to our products will be
reimbursed by us with no mark-up for Global. Global will report to us monthly
regarding its sales and work in progress. During the term of the Agreement,
Global is prohibited from marketing products that compete with our product
offerings. The Agreement may be terminated by either party at the end of the
initial term, or at the end of any subsequent term, upon 30 days written notice.
The foregoing is a summary of the material terms of the Agreement, which should
be reviewed in full for additional information.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
10.1 Marketing / Sales & National Call Center Services Agreement with
Global Response Marketing, LLC
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