Company also enters 20-year supply agreement with Oceans Omega
Omega Brands Corp., Tampa, announced that it has entered into a definitive agreement with Mycell Technologies LLC, Paramus, N.J., to purchase certain specified assets related to its Omega Infusion omega-3-infused beverages and nutritional shots. Omega Brands also entered into a 20-year supply agreement with Oceans Omega LLC, a wholly-owned subsidiary of Mycell Technologies, for its proprietary omega emulsion.
Terms of the asset purchase agreement include the purchase of the proprietary formulas, trade names, trade secrets, trademarks, marketing materials and Internet domains related to the Omega Infusion business from Mycell Technologies. In addition, Omega Brands will pay Mycell Technologies a 15 percent royalty on net proceeds received by Omega Brands from any future sale, license or other disposition of the Omega Infusion assets to a third party.