NEW YORK, NY - (NewMediaWire) - December 23, 2015 - Priority Aviation Inc. (OTC PINK: PJET) today announced that it had entered into a memorandum of understanding to license and further develop the Personal Fertility Assistant product, previously known as Ovucon, and related technology from Israeli entrepreneur Simon Dotan.
The MOU was entered into by PJET's newly formed subsidiary Q Technologies LLC. The license is for a period of three years to use sell and distribute Ovucon. Should certain milestones be achieved during the three-year period the license will become permanent.
The purchase price consisted of a $200,000 convertible note, options on five percent (5%) of PJET's shares at a price of 150% of the closing price on the date of execution of a formal contract, as well as payment of royalties from product sales.
The parties will work side by side to further develop the product with Q Technologies investing in such development. Each side shall receive financial credits for its investments. The parties intend to enter into a formal contract as soon as practicable.
The product is a series of personal and professional devices that monitor the female fertility cycle, enabling identification of ovulation, fertile days and infertile days ("safe days"). The Ovucon method, which provides unparalleled accuracy and wealth of information compared to other existing OTC / home use methods in the field, is envisioned to become the gold standard for in-home fertility monitoring and subsequently the first tier of fertility treatment and pregnancy assistance.
Commenting on this agreement, Board Member Arnon Epstein commented, "PJET is fortunate to have been able to come to terms on this exciting and innovative product. PJET, by joining forces with Ovucon, we hope will provide for the resources to fully develop this incredible technology. Substantial capital and development has already gone into developing Ovucon."
The Company had previously reported in its filings that it was searching for a new business in the technology sector, with a focus on technology created in Israel. Israel has earned a reputation as being a leader in technology incubation.
About Priority Aviation, Inc.
Priority Aviation through its wholly owned subsidiary Priority One Jets, provides its clients with what it believes to be is premier class private jet charter service worldwide. The Company, acting as brokers, accomplishes this through a screening process that only selects the safest and most reliable private jets available in the industry. By making use of technological innovations our charter department operates 24 hours a day, 7 days a week. With access to thousands of pre- screened aircraft and highly trained flight crews, flight access can be arranged with as little as 4 hours' notice. www.priorityonejets.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward- looking statements as a result of a wide range of factors.