FORMCAP CORP (FRMC.PK), a product and services development company, today announced that the Option to enter into a Joint Venture Development and Operating agreement with MLXjet, Inc. and MLXjet Media Corp, both of Vancouver B.C., announced by FormCap March 17, 2009, has lapsed.
The Parties to the agreement were unable to negotiate an acceptable extension to the option and have agreed that the arrangement between the parties be canceled in its entirety.