Triangle Multi-Services Corporation

December 15, 2010 11:12 ET

Triangle Multi-Services Corporation Enters Into License Agreement With RX 110 Inc. to Manufacture and Sell RX 110 Inc. Products in Canada

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2010) - TMS (CNSX:TMS) is pleased to announce that it has entered into an exclusive license agreement (the "License Agreement") with RX 110 Inc. ("RX") to manufacture, import, market and sell in Canada filler products for stopping mould at source (the "RX Products"). "RX Products are the world's only known products that not only eliminate mould at source – but assure effectiveness for up to 99 years of service. And notably RX Products are still sold at the same price as current fillers in the marketplace" said Donald Meade, CEO of RX110 Inc.

Pursuant to the terms of the License Agreement, and as compensation for RX entering into the License Agreement, TMS has agreed to issue to RX 10,000,000 shares in the capital of TMS (the "Compensation Shares") and grant an ongoing royalty equal to 3% of all TMS revenues generated by TMS from the sale of RX Products. The term of the License Agreement shall continue until the expiration of the last of the RX patents.

Reflecting the transaction, Donald Meade will be appointed as an officer of TMS and elected to the board of directors of TMS at the next annual meeting of shareholders. Completion of the transaction and the issuance of the Compensation Shares is subject to the receipt of any and all necessary regulatory approvals.

There are 17,470,003 common shares issued and outstanding of TMS.

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  • Triangle Multi-Services Corporation
    Donald Meade