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December 26, 2012
16:43 EDTMSNEmerson Radio extends licensing agreement with Funai Corporation
On December 17, and effective as of December 1, Emerson Radio and Funai Corporation entered into an amendment to the license agreement dated effective January 1, 2001, as amended, between the company and Funai, under which the term of the license agreement was extended until March 31, 2015. The agreement provides that Funai will continue to manufacture, market, sell and distribute specified products bearing the Emerson trademark to customers in the U.S. and Canadian markets. Under the terms of the license agreement, Emerson receives non-refundable minimum annual royalty payments of $3.75M each calendar year and license fees on sales of products subject to the license agreement in excess of the minimum annual royalties.
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