Message #2 From:
NewsBot Date: December 6, 2005 11:00:00 PM
CBXC News Cimbix Corp. Completes License Agreement to Exclusively Market and Distribute PetsMobility's Brand of Products and Services, Including the PETsCELL -- a Waterproof GPS Cell Phone for Pets
SEATTLE--(BUSINESS WIRE)--Dec. 7, 2005--Cimbix Corporation ("Cimbix" or the "Company") (OTCBB:CBXC) is pleased to announce that it has finalized on its obligation to On4 Communications, Inc. ("On4"), (formerly PetsMobility Network (Canada), Inc.), for the exclusive worldwide marketing rights to the PETsCELL(TM), a voice-enabled pet tracking device that is worn on the pet's collar.
Both parties entered into a licensing agreement on June 16, 2005. The agreement provided US $1,000,000 to the Licensor, of which Cimbix paid $50,000 in cash to On4. The agreement provided On4 with the choice of accepting the remaining licensing fee in cash or in shares. On December 02, 2005, On4 Communications, Inc., made the choice of taking the remaining balance of $950,000 in Cimbix shares.
Cameron Robb, President of On4, states, "Our management team is pleased with the decision our company has made in accepting Cimbix shares as final payment for the remaining balance of the licensing fee. This decision will allow Cimbix to allocate more of its financial resources into marketing and sales of the product, while allowing On4 to share in the future share value of Cimbix Corp."
The PETsCELL(TM), 2-way communication device has Global Positioning Capabilities that provides the pet's location in real time via a wired or wireless delivery format and can be delivered to a desk top PC, hand held device, telephone text or traditional voice message service. In addition, the device allows for pet owners to set geo-fence boundaries that will alert the owner when its companion steps outside the set boundary.
About Cimbix
Cimbix Corporation entered into an exclusive worldwide license agreement with On4 Communications, Inc. (formerly PetsMobility Network (Canada) Inc.), pursuant to which the Company has the right to market and distribute products covered by On4 Communications, Inc. The Company's wholly owned subsidiary, PetsMobility Inc., will be conducting the Company's PetsMobility business.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1996. Forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at PetsMobility's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
