The Company also wishes to announce that it has entered into a term sheet with the University of Connecticut ("the University") to restructure its license agreement of April 8, 2003 (the "License Agreement"). The parties confirmed that the licenses granted pursuant to the License Agreement are in full force and are irrevocable. While the maintenance fee provisions of the License Agreement remain unchained, the parties agreed to restructure the payment provisions by reducing the royalty payment to three percent (3%) of amounts received from unaffiliated third parties in respect of the exploitation of the Intellectual Property defined in the License Agreement. In consideration for the favorable restructuring of the royalty terms, the Company will provide the University 2,000,000 common shares, subject to approval by the TSX Venture Exchange; trading of these shares is restricted until May 31, 2016. The restructuring is subject to the final execution of the formal amendment to the License Agreement. Mr. Copetti stated: "I am extremely pleased with the University of Connecticut's vote of confidence in POET, exhibited by their taking an equity stake in the Company as an alternative to a higher potential royalty revenue stream. At the same time, their decision will greatly enhance the Company's ability to monetize the POET technology and create shareholder value." Crzyhors