TEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
AMENDMENT OF BAUMAN CONSULTING AGREEMENT.
On August 12, 2010 the Company entered into an amendment to the Consulting Agreement with Frederick C. Bauman. The amendment is effective as of July 21, 2010 and requires Mr. Bauman to immediately surrender to the transfer agent for cancellation 49,900,000 of the 50,000,000 shares of the Company's restricted stock that were granted to Mr. Bauman under the agreement.
AMENDMENT OF FLEXWELL FINANCE LIMITED CONSULTING AGREEMENT.
On August 12, 2010 the Company entered into an amendment to the Consulting Agreement with Flexwell Finance Limited ("Flexwell"). The amendment is effective as of July 21, 2010 and requires Flexwell to immediately surrender to the transfer agent for cancellation 49,900,000 of the 50,000,000 shares of the Company's restricted stock that were granted to Flexwell under the agreement.
AMENDMENT OF LOWENTHAL EMPLOYMENT AND SERVICE AGREEMENT.
On August 12, 2010 the Company entered into an amendment to the Employment and Service Agreement with Ronald Y. Lowenthal. The amendment is effective as of July 21, 2010 and requires Mr. Lowenthal to immediately surrender to the transfer agent for cancellation 49,750,000 of the 50,000,000 shares of the Company's restricted stock that were granted to Mr. Lowenthal under the agreement.
AMENDMENT OF TOPCAST MANAGEMENT LIMITED CONSULTING AGREEMENT.
On August 12, 2010 the Company entered into an amendment to the Consulting Agreement with Topcast Management Limited ("Topcast"). The amendment is effective as of July 21, 2010 and requires Topcast to immediately surrender to the transfer agent for cancellation 49,900,000 of the 50,000,000 shares of the Company's restricted stock that were granted to Topcast under the agreement.
ITEM 8.01 OTHER EVENTS
On August 11, 2010, Mr. David Wolfin delivered to the Company a Stock Power for all 72,000,000 shares of the Company's common stock owned by Mr. Wolfin. The Company intends to use this stock power to immediately cancel the 72,000,000 Wolfin shares.
Following completion of the cancellation of the Wolfin, Bauman, Flexwell, Lowenthal and Topcast shares as reported above, the Company will have 133,550,000 issued and outstanding shares of common stock .
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