Shareholder Address re: Middle East Joint Venture
11 February 2004
11 February 04
Shareholder Address re: Middle East Joint Venture
11 February 2004
Dear Shareholders,
Today we announced the cessation of talks with Albwardy Investment Group thus ending the immediate possibility of a joint venture in Dubai.
Sealegs and the Albwardy Group had been working through a Memorandum of Understanding. On February 3rd 2004 the board of Sealegs resolved to enter into a binding agreement. As discussions to formalise matters proceeded, the parties were unable to reach agreement as to the ownership of the Sealegs Intellectual Property.
We were surprised at the stance taken by the Albwardy Investment Group and were not willing to concede to the joint venture holding ownership rights over the Intellectual Property. As a result the relationship drew to an amiable and professional close.
Retaining ownership of the Intellectual Property, Patents and Design Marks of Sealegs Corporation are imperative to its global success and any agreements that license their use must preserve our rights as the legal owner of that property, both now and in the future.
The loss of this opportunity will have little impact on our financial performance and we continue to look forward to an exciting year. International and local interest continues and our confidence as the management of your company grows daily.
Regards
David McKee Wright
