On September 2, 2013, effective September 1, 2013, the Company entered into an Evaluation License Agreement (the "Agreement") with Micrologic Design Automation, Inc. ("MDA"), pursuant to which MDA will temporarily license to the Company, on a non-exclusive and royalty-free basis, certain technology and related materials for any purpose related to evaluating NanoDRC, NanoRV and NanoLVS technology.
The Agreement expires on November 1, 2013 and contains standard confidentiality terms. The Company agreed with MDA to extend the agreement until December 31, 2013. Upon expiration of the Agreement, the Company must return the licensed technology to MDA. In the event that the Company breaches the confidentiality provision in the Agreement, the Company is required to issue 300 million shares of common stock and deliver the shares to MDA.
Micrologic Design Automation, Inc. is a high-tech software company that is developing interactive and online software solutions for larger electronic manufacturers development with its proprietary technology nanoToolBox™, an interactive electronic design automation tool suite. Micrologic's software tools interactively perform reliability enhancement with automatic correction to the user. Micrologic solutions reduce cost, speed time to market and improve reliability and performance of complex small nanometer designs to develop the next generation of electronic devices. Micrologic received certification from the leading electronic organization in Japan who is integrating all largest Japan world known electronic manufacturers called STARC. Micrologic is headquartered in California and operates its R&D Center in Haifa Israel.
About Forex International Trading Corp.
Forex International Trading Corp. (FXIT) was incorporated in 2009 in Nevada and is headquartered in El Segundo, California. The Company's principal business activities have been to operate in the consulting segment of the foreign currency market, leveraging its contacts and knowledge, and its consulting expertise in the area of foreign exchange. The Company previously engaged in foreign currency market trading for non-US resident professionals and retail clients over its web-based trading systems. In addition, the Company is analyzing investments in joint ventures and is selectively pursuing acquisitions in the areas of financial services and technology.