ABVC BioPharma signed a definitive agreement to license certain of its healthcare-related expertise to Senior Paradise, who will also lease certain of the Company’s properties for further development related to the healthcare industry. The lease, SPI may build a long-term care center for the elderly, plant factories, and good agricultural practices for botanical drug products and dietary supplements. ABVC agrees to grant SPI a license to use the Know-How for the healthcare industry. Specifically, ABVC’s Know-How will be strategically applied to develop the Land. The Company believes that by integrating its Know-How and Land with SPI’s abilities, SPI’s healthcare-related endeavors on the Land may achieve tremendous success. Under the agreement, SPI shall pay ABVC $3M as the license fee for the Know-How, in cash or stock, and royalties of 2% on SPI’s revenues earned from projects on the Land.
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