Onteco Corporation Signs First International License Agreement for Cutting-edge NexPhase LED Intellectual Property

Onteco Corporation has announced to negotiate additional international licensing agreements with potential LED manufacturers in several countries for its cutting-edge NexPhase Intellectual property.

on April 30th, Onteco Corporation has signed its first international license agreement with JARLYN S.A, a Uruguayan corporation, for its proprietary LED intellectual property ("IP"), developed by its subsidiary, NexPhase Lighting, Inc., dedicated in LED "intelligent" lighting development.

As compensation for the license, the Company is to receive a combination of $2.9 million dollars in common stock listed on the Frankfurt Stock Exchange plus a cash payment, in addition to an ongoing royalty on gross revenues from the sales and installations of lighting products using the Company's IP.

"Following completion of the JARLYN agreement, we have accelerated our serious negotiations with potential customer-manufacturers in several countries," Dror Svorai, President of the Company, stated, "Each license would be exclusive to a specific geographic area." He added, "We expect one or more of these licensing agreements to be closed in the next few months. Terms of each licensing agreement will be different, except each will be designed to generate an ongoing royalty stream of income for the Company."

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