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Gen 2 Technologies Inc Announces Signing of Definitive Patent Assignment Agreement, Initiation of Change of Control, and Discussions to Appoint New Outside Preferred Share Director
Company completes acquisition of the patent-pending technology behind PlayPal, begins the OTC Markets change-of-control process, and opens discussions to add an independent director tied to its Preferred Share entitlements.
NEW YORK CITY, NY / ACCESS Newswire / September 2, 2026 / Gen 2 Technologies Inc (OTCID:MNIZ) ("Gen 2" or the "Company") today announced three developments: the signing of a definitive agreement and the completed patent assignment for the intellectual property underlying PlayPal, the Company's screen-free, AI-based developmental play companion for children ages 3-8; the initiation of the Company's change-of-control disclosure process with OTC Markets Group; and the commencement of discussions to appoint a new outside director to the Board in connection with an anticipated issuance of Preferred Stock.
Definitive Agreement and Patent Assignment
Following the agreement in principle announced on August 26, 2026, the Company has now signed a definitive agreement and executed the corresponding patent assignment, formally transferring the patent-pending intellectual property behind PlayPal to Gen 2. The transaction remains on the previously disclosed terms: issuance of 2,000,000 restricted shares of the Company's common stock within 60 days, a royalty of 5% of net revenues vs 20%, and then milestone achievements to increase to 20% as originally contemplated. The assigned IP was subject to reversion if not commercialized within 18 months and now includes a clause to renew.
With the assignment complete, the Company holds full rights to the technology and can proceed with development and commercialization planning for PayPal, and will be filing the assignment of the IP with the United States Patent and Trademark Office (USPTO).
Change of Control
The Company has initiated the change-of-control disclosure process with OTC Markets Group in connection with the leadership transition and IP transaction described above. This is a standard disclosure required whenever there is a change in the persons or entities that control a company quoted on OTC Markets and is intended to give investors visibility into who controls the Company and why. Visit www.playpalai.com or see our News Release Dated August 26,2026 at Investor Relations - Gen 2 Technologies Inc (MNIZ) · PlayPal
New Outside Preferred Share Director
In connection with an anticipated sale of the Preferred Series A Share, the Company has begun discussions with a prospective independent director candidate to join the Board. Discussions are ongoing and no agreement has been reached; there can be no assurance that these discussions will result in a definitive agreement or Board appointment. The Company intends to announce further details, including the nominee's name and background, if and when an agreement is finalized.
About Gen 2 Technologies Inc
Gen 2 Technologies Inc (OTCID:MNIZ) is the parent company of PlayPal, a screen-free AI developmental companion designed for children ages 3-8. PlayPal aims to make real-world play with everyday toys more engaging while keeping children off screens. Learn more at www.playpalai.com
Investor Contact: [email protected]
Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, including statements regarding the patent assignment and its terms, the change-of-control process and its outcome, the anticipated Preferred Stock issuance, and the potential appointment of a new director. Words such as "will," "expects," "intends," "plans," "anticipated," "designed to," and similar expressions identify forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties - including whether the change-of-control process is completed as described, whether discussions regarding a new director or the Preferred Stock issuance result in a definitive agreement, the Company's ability to develop and commercialize its technology, the need for additional capital, regulatory and compliance requirements, and competitive conditions - that could cause actual results to differ materially. The Company undertakes no obligation to update any forward-looking statement except as required by law. This release does not constitute an offer to sell or the solicitation of an offer to buy any security.
SOURCE: Gen 2 Technologies Inc
View the original press release on ACCESS Newswire
C.Garcia--AMWN