Miami, Florida , Nov. 04, 2016 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (Luminar, OTCMKTS: LRGR) and The Jenex Corporation (Jenex, NEX: JEN.H) are pleased to announce that the two companies have entered an exclusive license agreement for markets outside of Canada for Jenex's novel thermal therapy device for use on insect bites and stings. The License allows Luminar the exclusive right to market the device in all markets outside of Canada including the United States, Europe and Asia. Jenex maintains the marketing rights for the Canadian market and will own all intellectual property related to the device. Jenex is investigating various names to identify the device and intends to file trademark for the name that will also be licensed to Luminar. The device will incorporate a proprietary silver anti-microbial coating along with other new features. As previously announced, Jenex is working with Microbonds Inc., an advanced coatings and electrical design company, to complete the design of the device. Jenex expects to have a working device prototype in the next 30-45 days. Jenex has received an initial USD $25,000 as outlined in the License, which also includes the following additional milestone payments:
USD $25,000 by November 15th, 2016
USD $75,000 by December 15th, 2016
USD $125,000 by February 28th, 2017
Jenex will receive a royalty payment equal to 10% of gross sales of the Device up to the first 100,000 units sold and 5% of gross sales of the Device thereafter. The royalty is payable quarterly. Luminar must meet minimum sales targets of 10,000 units sold in the first 12 months from signing the License, 50,000 units sold by 24 months following the signing of the License and 100,000 units sold by 36 months from signing of the License. Luminar must continue to sell a minimum of 100,000 units per year beyond 36 months from signing of the License.