Yunhong CTI Ltd. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01
Entry into a Material Definitive Agreement.
On January 28, 2023, Yunhong CTI Ltd (the “Company” or “YCTI”) entered into an Exclusive Distribution Agreement (the “Agreement”) with Kunshan Fair Craft Product Co., Ltd. (“FAIR”) to facilitate the sale and market development of balloons with biodegradable features in the United States. Each of FAIR and YCTI is in the business of manufacturing and selling balloons, and each is working with materials designed to offer biodegradable and compostable features to balloons. YCTI will be FAIR’s exclusive distributor of its product offering in the United States for the term of the Agreement. The Agreement has an initial term commencing on January 28, 2023 and ending on January 31, 2024, and is subject to automatic renewal for successive one-year terms unless either party elects to terminate the term at least 30 days prior to the end of the then-current term. The Agreement does not restrict the Company’s own independent development of similar products.
The foregoing summary of the Agreement is qualified in its entirety by the text of the Agreement, a copy of which is attached as Exhibit 99.1 and incorporated into this Item 1.01 by reference.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. Statements made in this report that are not historical facts are “forward-looking” statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These “forward-looking” statements may include, but are not limited to, statements containing words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “goal,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. More information on factors that could affect our business and financial results are included in our public filings made with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.
Item 9.01 – Financial Statements and Exhibits
| Exhibit No. | Exhibit | ||
| 99.1 | Exclusive Distribution Agreement, dated January 28, 2023. | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: | February 2, 2023 | YUNHONG CTI LTD. | |
| By: | /s/ Frank Cesario | ||
| Name: | Frank Cesario | ||
| Title: | Chief Executive Officer | ||