REAC Group Inc. (REAC)

[zeekhoe]

8K filed -


Item 1.02 Termination of a Material Definitive Agreement

On April 21, 2017, REAC Group, Inc. (the “Company”) cancelled and terminated the Asset Purchase Agreement (“APA”) with Patriot Bioenergy Corporation, a Kentucky corporation (“Patriot”), that was originally executed on January 4, 2017. REAC terminated the APA due to Patriot’s refusal to provide any financial information to the Company necessary to prepare the financial statements and pro forma financial information required of a reporting company.

The officers and directors of Patriot remain as employees of REAC Group, Inc.

Section 2—Financial Information

Item 2.01. Completion of Acquisition or Disposition of Assets

As stated in Item 1.01 above, the Company cancelled and terminated the APA, thereby returning all the assets of Patriot (the “Assets”) to Patriot. The assets included all of Patriot’s stock; machinery and equipment used in the hemp business; inventory; the real property and leases of real property; customer, supplier and distributor lists; accounts receivable; licenses; and goodwill.

The 50,000 shares of Company common stock used to acquire the Assets were not returned and remain with Patriot.