May 17, 2019 Posted by jimmy in

ColorStars Group signed Joint Venture Agreement (JVA) with entity in Saudi Arabia

On Feb. 26, 2019, the company signed a joint venture agreement (JVA) with an entity in the Kingdom of Saudi Arabia (KSA). According to this JVA, the company shall make transfer of its patents, trade marks, and customer list to the new joint company to be formed. The company will also help to build an electronic manufacturing facilities in the KSA, and to provide training of its staff and operators for the engineering, manufacturing, and selling of LED lighting products. For the IPs and trade marks granted in the JVA, the company shall be compensated with US$1.5 million dollars. For the technology and training support, the company shall be awarded with US$2.65 million dollars in the form of shares in the new joint venture company, calculated based on fair price.

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