EXHIBIT 10.67
TODD MOTION CONTROLS, INC.
P.O. BOX 242108
701 GRIFFITH ROAD
CHARLOTTE, NC 28224
July 31, 2000
Mr. Tiberio Lonati
S.R.A. srl
Via delle Fonti
50010 Badia a Settimo
Firenze, Italy
Dear Tiberio:
As follow up to our most recent discussion, the following is the outline of the
licensing arrangement for the exclusive use of intellectual property relating to
Todd Motion Controls, Inc. (TMC).
Exclusive License period for SRA: Four (4) years commencing January 1, 2001.
Annual License Fee payable to Speizman Industries: US $500,000 per year payable
quarterly commencing January 1, 2001.
Description of licensed property: TMC patents, trademarks, drawings and
intellectual property for the manufacture of TMC branded, metric packaging
equipment.
We will retain the rights for manufacturing non-metric TMC packaging equipment
for a period up to six months in order to complete our in progress inventory.
Subsequent to this, we will market and distribute metric equipment relating to
TMC. We will retain the rights to distribute TMC equipment in the U.S., Canada
and Mexico. SRA will have distribution rights for TMC in all other areas of the
world.
Additionally, Speizman Industries will receive exclusive rights for a minimum of
three (3) years commencing June 13, 2000 to distribute in the U.S. and Canada
all SRA packaging equipment as well as the Solis Pick and Place and related
seaming equipment for men's socks.
Please acknowledge your acceptance of these terms by signing below, keeping one
duplicate copy for your records and returning the other to us. Once I receive
it, I will have a license agreement forwarded to formalize the agreement.
Sincerely,
SPEIZMAN INDUSTRIES, INC. Accepted this 11th day of August,
2000.
/s/ Robert S. Speizman
By: /s/ Tiberio Lonati
-----------------------------
Tiberio Lonati
S.R.A. srl
Robert S. Speizman
President
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