Nuwave, Gemini Ink Licensing Pact
Staff -- TWICE, 1/8/2002
NEW YORK— Nuwave Technologies, developer of the Video Game Enhancer (VGE), signed an exclusive licensing agreement with Gemini Industries enabling the CE accessories maker to market and distribute the VGE in North America.
Gemini placed an initial VGE order consisting of a combination of existing finished goods inventory together with Nuwave's proprietary ASIC Chips, totaling 25,000 units for 2001, with guaranteed annual quotas over the next five years. Gemini also received the 'right of first offer' on future versions of the VGE as well as future video and image enhancement set-top boxes for retail distribution.
Nuwave will license its proprietary technology to Gemini, which will then manufacture, market and distribute the VGE to its nearly 17,000 retail locations in North America.
Gemini also assumes Nuwave's existing retail relationships including J&R Music World, Electronics Boutique, Gamestop/Babbage's Outlets, BestBuy.com and Toysrus.com. Nuwave will continue to market and distribute the VGE in Europe.
