ITEM 5. Other Events and Required FD Disclosure
On July 20, 2004, iBIZ Technology
Corp. entered into a License and Distribution Agreement with Virtual Devices,
Inc., a Pennsylvania corporation ("VDI"). iBIZ was granted an
exclusive license to distribute the Stand Alone Accessory Virtual Keyboard
Devices for personal digital assistants, mobile device and other touchpoint
applications.
The price of the License and
Distribution Agreement is $800,000, with $300,000 paid upon execution and the
balance to be paid upon certain milestones. In addition, iBIZ agreed to
fund/and or supply in-kind services of approximately $200,000 and agreed to
pay royalties.
The agreement is for 3 years and may
be terminated upon 90 days notice prior to the end of the term.
