Avant Technologies signs co-development deal with Wired-4-Tech for AI submersion cooling infrastructure

AVAI BIO, INC.

Wired-4-Tech will exclusively develop proprietary hardware/software for Avant's AI infrastructure and submersion cooling systems.
Avant receives exclusive perpetual license and full IP assignment upon completion and payment.
Payment terms require Avant to raise working capital; initial deposit mutually agreed to start work.
Agreement term is three years; termination allowed for material breach with 30-day cure for Avant, 45-day for Developer.
IP reverts to Wired-4-Tech if Avant becomes insolvent; Avant's licensees become direct licensees of Developer.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AVAI BIO, INC. entered into Technology Co-Development Agreement with Wired-4-Tech, Inc. valued at development fee in U.S. dollars; exclusive perpetual license and transfer of all intellectual proper (effective 2023-12-11).

Action: entry
Agreement: license
Counterparty: Wired-4-Tech, Inc.
Value: development fee in U.S. dollars; exclusive perpetual license and transfer of all intellectual proper
Effective: 2023-12-11

Exact text from the filing

On December 11, 2023 (the "Effective Date"), Avant Technologies, Inc. ("Client") and Wired-4-Tech, Inc. ("Developer") entered into a Technology Co-Development Agreement (the "Agreement").

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Source: SEC EDGAR

accession 0001740797-23-000083

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