Item 1.01 Entry into a Material Definitive Agreement
On December 30, 2019, CirTran Corporation (the "Company"), through its
wholly-owned subsidiary, LBC Products, Inc., a Utah corporation ("LBC"), entered
into an Exclusive Manufacturing and Distribution Agreement (the "Agreement")
with GloBrands, LLC, a New Mexico limited liability company ("GB"), an
unaffiliated party. Under the Agreement, GB granted the Company the right to
manufacture, distribute, and sell condoms, electronic cigarettes, electronic
cigars, cigars, hookahs, hookah tobacco, energy drinks, water beverages, and
related merchandise, all using the HUSTLER® trademark, under three license
agreements between GB and LFP Product Licensing, LLC, a California limited
liability company. Under the Agreement, LBC will retain its cost of goods sold
plus an additional 20% of that amount and 10% of gross sales of the covered
products, and GB will reimburse certain of LBC's media placement expenses plus
an additional 5% of the amount of those expenses. The agreement term extends
through November 30, 2024.
As of November 29, 2019, the Company entered into a Commercial Lease (the
"Lease") with GB. The Lease allows the Company the use of a 500 square foot
office space and 2000 square foot warehouse in Las Vegas, NV, on a
month-to-month basis, in exchange for rent of $2,500 per month.
Item 9.01 Financial Statements and Exhibits.
The following is filed as an exhibit to this report:
Exhibit
Number* Title of Document Location
Item 10 Material Contracts
10.55 Exclusive Manufacturing and Distribution Agreement Dated and Attached
executed December 30, 2019
10.56 Commercial Lease Dated and executed November 29, 2019. Attached
* All exhibits are numbered with the number preceding the decimal indicating the
applicable SEC reference number in Item 601 and the number following the
decimal indicating the sequence of the particular document. Omitted numbers in
the sequence refer to the documents previously filed as an exhibit.
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