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TOPIC: Amendment to Olympus agreement

Amendment to Olympus agreement 05 May 2015 16:40 #4433

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On April 30, 2015, Cytori Therapeutics, Inc. (the “Company” or “we”) entered into Amendment One to Joint Venture Termination Agreement (the “Amendment”) with Olympus Corporation (“Olympus”) to that certain Joint Venture Termination Agreement, dated May 8, 2013, by and between the Company and Olympus (the “Agreement”) in order to extend our payment obligations under the Agreement.
Under the Agreement, we are required to pay Olympus a total purchase price of $6,000,000 within two years of the date of the Agreement. The Amendment amends the payment terms to extend the period for payment of the remaining balance of the $6,000,000, or $3,170,249, with the balance of the purchase price bearing an interest rate of 6% per annum. Pursuant to the Amendment, we are required to pay $1,000,000 on or prior to May 8, 2015, $500,000 of principal on or prior to September 30, 2015, $500,000 of principal on or prior to December 31, 2015, $500,000 of principal on or prior to March 31, 2016, and the remaining $770,249 of principal and accrued interest on or prior to May 8, 2016. We may prepay the remaining principal and accrued interest at any time without penalty.
In accordance with the terms of the Agreement, if we fail to pay the full balance of any installment payment, we will be required to pay Olympus the extended purchase price of a total of $16,000,000 on or prior to March 1, 2020, with any principal payments previously paid applied towards the extended purchase price.


The sequence of reporting is somewhat funny- lets call this one "delinquent" ? :evil:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Amendment to Olympus agreement 07 May 2015 13:56 #4454

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Actually- this "deal" is kinda interesting also, since now we know that there were originally 6 options with different timelines and price tags attached to it.

The first one 4.5 Mio if everything paid by May 8 2014- 6 Mio if paid by May 8 2015 and 4 more options, the last one calling for 16 Mio if paid by May 8 2020.

So- as unofficial historian on Cytori- I assure you that the deal struck in 2013 was VERY FAVORABLE to Cytori (they posted a large gain in 2013 as a result) and believe me- heaps of development costs incurred by Olympus were NEVER charged to the Joint Venture account. :whistle:

Anyway- so why is Olympus so nice???

1. they prefer to have one bird in the hand instead of 10 up into the sky, in case Cytori goes bankrupt???
2. since they are lousy businessmen and not like Oxford?
3. other reasons?

:whistle:

Time will tell as usual :nice:
The following user(s) said Thank You: mtpinman, d9dozrman

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:
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