PRXI » Topics » Note 13. Commitments and Contingencies

This excerpt taken from the PRXI 10-K filed May 7, 2009.

Note 13. Commitments and Contingencies

On September 20, 2006, the Company entered into an agreement with Sam Tour (USA), Inc., JAM Exhibitions, LLC and Concert Productions International (collectively, “JAM”), to jointly present several of human anatomy exhibitions. Pursuant to the agreement, the Company agreed to present at least nine human anatomy exhibitions jointly with JAM in the following locations: Tampa, New York, Atlanta, Mexico City, Seattle, Las Vegas, Amsterdam, Washington, D.C. and San Diego. The exhibitions in Tampa, Atlanta, Mexico City, Seattle, Las Vegas, Amsterdam and Washington D.C., have completed their runs and have closed. The Company’s agreement with JAM does not include certain human anatomy exhibitions which the Company is presenting independently or

 

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under separate license agreements. The agreement provides that JAM will not compete directly or indirectly with the Company in the presentation of a human anatomy exhibition for the one-year period following the closing of the last jointly presented exhibition.

On November 28, 2007, the Company entered into an agreement with Live Nation, Inc. under which the Company co-presents human anatomy exhibitions with Live Nation. With respect to each jointly presented exhibition, the Company is responsible for exhibition design, installation and licensing, including the provision of expertise, exhibitry and specimens. Live Nation is responsible for marketing, public relations and exhibition operations and security. Under this agreement, the Company intends to co-present between six and nine concurrent exhibitions at all times. In general, Live Nation’s right to jointly present exhibitions with the Company is exclusive on a worldwide basis, except for North America, China and certain other limited geographic locations as well as certain exhibitions which are subject to agreements that pre-date the Company’s agreement with Live Nation. JAM Exhibitions, LLC will act as Live Nation’s exclusive co-promoter for exhibitions jointly presented under the agreement.

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