Now doing business as Advanced Oxygen Technologies Inc in a completely different field of endeavor. Until May 1995 Aquanautics Corporation was a development stage specialty materials company producing new oxygen control technologies. From May 995 through December1997, the Company had minimal operations and was seeking funding for operations and companies to which it could merge or acquire. On May 1, 1995, the Company sold its patents, and all related technology and intellectual property rights to W. R. Grace & Co. Conn. for $335,000, in cash, and a royalty until April 30, 2007 of two percent (2%) of the net sales price of (a) all products sold by Grace that include as a component, material that absorbs, bars, climinates, extracts and/or concentrates oxygen that, but for the purchase of the Patents Rights, would fringe the Patents Rights, and (b) any mixture or compound (other than a finished product) which includes as a component material that absorbs, bars, climinates, extracts and/or concentrates oxygen that, but for the purchase of the Patent Rights, would infringe the Patent Rights.
