Magna Entertainment Enters into 20-Year Technology Licensing Agreement for Horse Bedding Product

Aurora, Ontario-based Magna Entertainment Corp. an owner and operator of horse racetracks, announced that its wholly-owned subsidiary, FEX Straw Manufacturing Inc., has entered into a technology licence Agreement with Australia-based Premier Equine Products Pty Ltd. (PEP). Under the agreement, FEX has licensed to PEP the exclusive right to manufacture and sell STREUfex horse bedding product in Australia, New Zealand, Hong Kong, Macau, Japan and Singapore for 20 years. In consideration, FEX received a one-time up-front licence fee and will receive ongoing royalty fees over the duration of the agreement based on the number of tons of STREUfex manufactured by PEP. Premier Equine specializes in the provision of feed and bedding solutions, and the associated products and services, to the equine industry.