BRK Shareholder Update on Key Commercial and Strategic Devel
HENDERSON, Nev., July 24, 2020 /PRNewswire/ -- BRK, Inc. (the "Company") (OTC: BRKK) wishes to inform its shareholders that it is progressing its turnkey camera solutions business via a near term focus on the following verticals: US Golf, North American MMA, North American Basketball, European Soccer, Global Surfing and a European Sports Broadcaster. The commercialization of these verticals will be executed by our previously disclosed new corporate entity, Gen 2 Technologies Inc. Shareholders of BRK will receive 10% of shares in Gen 2 Technologies. In addition, under the terms of a newly augmented IP Agreement, BRK shall receive royalties of ten percent (10%) of net revenues for ten (10) years. At year ten, Gen 2 Technologies will have an option to buy the core IP from BRK for USD$50M.
Relating to the recently announced Project Phoenix, all proprietary chip, sensor and cutting edge camera development will be housed within a new, third company, of which shareholders of BRK shall own 10%. Management has engaged in conversations pertaining to the development and commercialization of said technologies. Management has obtained key support for future capital market financing activities subject to the development of adequate commercial prototypes.
We believe that the new business line opened by Project Phoenix will allow for substantial economies of scale and broad licensing opportunities. The third company will pay BRK a cash dividend of 3% of net cashflow per annum.
BRK Inc. (OTC PINK: BRKK), established in 2008, BRK is the next generation in live-action broadcasting technology. We are a full-service provider geared to professional leagues and athletes, whether it be traditional sports, extreme sports or esports, and that will allow fans to watch them in action from perspectives that do not exist today. Our niche is that we are a second screen content provider that does not pose a threat to first screen media but rather we provide the opportunity to pioneer complimentary content and campaigns.
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are intended to be covered by the safe harbor provisions of the federal securities laws. Forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should," ''poised,'' and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those described in any of our other filings with the SEC. In addition, such statements could be affected by risks and uncertainties related to: (i) commercialization of our newly-acquired helmet camera, (ii) continuing development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the need to raise capital to meet business requirements, and (v) our ability to sell our products in order to generate revenues. Forward-Looking Statements are pertinent only as of the date on which they are made, and the company undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Any future public statements or disclosures modifying any of the forward-looking statements contained in or accompanying this news release, will be deemed to supersede such statements in this news release. Information on BRK Inc.'s website, http://www.brkgen2.com does not constitute a part of this release.
SOURCE BRK, Inc.