NOTE (1): IN REFERENCE TO THE ABOVE POST, THIS ONGOING DEVELOPMENT STILL HAS HUGE POTENTIAL AS WELL! The exclusive license and rights to the Jiangsu Aokin New Energy Automobile Co, Ltd (Aoxin) to import, distribute and assemble their automobiles in the USA is still intact, however, the operation has been spun out into a private company, but don’t forget that ETFM still benefits from future developments as outlined below in the 8K dated 03/07/2019…
Item 5.01 Changes in Control of Registrant.
In accordance with Item 5.01 Changes in Control of Registrant and as part of this transition plan, current management and the Board are simultaneously tendering their resignations from the Company ETFM on March 6, 2019. By no later than March 15, 2019, as majority shareholder in ETFM, you will prepare Agreement between ETFM, public corporation, which owns the exclusive license and rights to the Jiangsu Aoxin New Energy Automobile Co., Ltd., (Aoxin) to import, distribute and assemble their automobiles in the USA and subsidiary, Nevada private corporation, 2050 Motors, Inc. (TFPC) for the following:
As consideration, 2050 Motors, Inc.(ETFM) will transfer to current Management and Investors, to be determined in TFPC, eighty (80) percent ownership in exchange for retaining a twenty (20) percent ownership interest in 2050 Motors, Inc., Private Corporation (TFPC) and corporate note from TFPC in the amount of Fifty ($50K) thousand dollars at 8% interest per annum to be paid out of net profits. ETFM will appoint William L. Fowler as President of 2050 Motors, Inc. private Nevada corporation (TFPC) to raise operating capital for expenses to negotiate terms and conditions to maintain Exclusive License with Aoxin.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 6, 2019, Mr. William L. Fowler resigned his positions as President/CEO along with any other executive officer positions he held with the Company. The Board, in the best interest of the Company, accepted Mr. Fowler’s resignation and thanked him for his service on behalf of the Company.
On March 6, 2019, in the best interest of the Company, the Board of Directors also appointed Vikram Grover to the positions of President/CEO, Secretary, Treasurer, Chief Financial Officer, and as Board Member of the Company. Following is some background information on Mr. Grover:
Mr. Grover is a seasoned Wall Street veteran with over two decades of experience as a sell-side research analyst and investment banker at technology-focused brokerage firms, including Needham & Co. and Thomas Weisel Partners (now Stifel Nicolaus). He is familiar with small-cap public company finance and has a broad network of money managers, family offices, high net worth investors, strategic partners and M&A targets in the U.S. and abroad. Mr. Grover has a M.S. in Management from the Georgia Institute of Technology and is a Chartered Financial Analyst (CFA).
Mr. Grover will serve until the next annual meeting of stockholders of the Company and until such officer’s and/or director’s successor is elected and qualified or until such officer’s and/or director’s earlier death, resignation or removal.
Presently, the commitments with regard to compensation or remuneration for Mr. Grover are as follows:
1) Granting Vikram Grover the compensation package of 100 million common stock purchase warrants with a strike price of $0.001 (one tenth of a cent) and a 5-year expiration date. Vesting date and start date of the five-year expiration period will commence when the Company is brought fully-reporting and current with its required SEC filings (i.e., forms 10-Q, 10-K, etc.) The number of warrants will be doubled at the end of the first year from issuance if at any time from issuance of the initial warrants, ETFM’s closing bid price is greater than one cent ($0.01) for 10 consecutive business days / trading sessions.
2) Assignment of nine (9) million shares of Preferred Stock in 2050 Motors, Inc. at a 50 to 1 ratio (representing 450,000,000 votes) to the order of Vikram Grover.
The Company has no employee benefit plans or other compensation plans.
On March 6, 2019, Mr. Bernd Schaefers resigned his positions as Board Member and Secretary along with any other executive officer positions he held with the Company. The Board, in the best interest of the Company, accepted Mr. Schaefers’ resignation and thanked him for his service on behalf of the Company.
NOTE (2): MR. GROVER HAS A HUGE INCENTIVE TO BUILD THE COMPANY AND THE SUBSEQUENT PRICE PER SHARE AS OUTLINED IN THE UNDERLINED SECTION OF THE 8K ABOVE…
NOW THAT YOU’VE READ THE OVERALL VISION, TAKE A LOOK AT THE LATEST CORRESPONDING ADVISORY BOARD ADDITIONS…
Do you see the synergies here???
Mr. Grover is in the process of aggressively assembling a world class level advisory board of up to five technology, finance and business professionals that will guide the company through its future growth in the electric vehicle (EV) market. Already to date, the following individuals have been appointed to the board… (1) Aldo Baiocchi is our first Advisory Board Member. He is the President and founder of Daymak Inc. and is responsible for the vision and daily operation of the Company. Under Mr. Baiocchi’s leadership, Daymak has sold over $100 million worth of eBikes since its inception. The Company is the largest distributor of eBikes in Canada with over 100 dealers worldwide. Daymak is the developer of the Daymak Drive Bluetooth controller technology that is a universal controller acting as the brain of an electric vehicle. It is featured in Daymak’s eATVs, eBikes, eScooters, mobility products and mini dirt bikes. The controller features GPS, geo-fencing, motor lock, re-gen brake, motor lock and many more features. Daymak is also the developer of the Daymak Beast Scooter, Daymak Beast ATV, and Boomerbeast mobility scooter, popular new models with substantial demand evidenced in the market. These vehicles feature all-wheel drive and an all-electric drive trained-controlled by the Daymak Drive controller. Additionally, Daymak has developed the EC1 (Electric Carbon eBike). Featuring a light carbon frame and fully-integrated display in the handlebar, the EC1 is one of the lightest electric bikes in the market. Daymak has been named one of the fastest growing companies in Canada according to Profit Magazine. Baiocchi has won several awards including the Cleantech North Award for the development of the Company’s Shadow eBike (first wireless eBike) and Daymak has been named one of the Greenest companies in Ontario. The Company is based in Toronto, Canada. Baiocchi has over 25 years’ experience in management roles. Previously he was Vice President of Production at Microforum Inc. (TSE from 1987-1997) where he developed several software programs including “Virtual Corporation”, a voice-activated game, and the PC “New Beat Trancemission”. Aldo was President of Aludra Inc. from 1997-2001 a computer software company. Mr. Baiocchi is an avid entrepreneur with over 30 years’ experience, has a vision to proliferate electric bikes, electric vehicles and drones globally through e-sales, e-ridesharing and e-rental programs/clubs, and has a Bachelor’s Degree from York University.
(2) Ted Flomenhaft is the CEO and Owner of EDGE FiberNet. Mr. Flomenhaft is an experienced communications and finance executive with substantial experience building emerging growth technology companies. His working relationships with multi-billion-dollar revenue companies in the technology field targeting the substantial, high-growth power over ethernet and light emitting diode (PoE / LED) industry, illustrate a market opportunity for 2050 that provides potential upside to the Company’s stand-alone electric vehicle (EV) business plan. EDGE FiberNet, Inc. shares 2050, Inc.’s dedication to carbon-neutrality by 2050, individual health, happiness, fun and making the world a better place. Altogether, transportation, heating, cooling and lighting consume 57% of global energy resources and directly impact the planet’s health and wellness. EDGE is an established provider of technical services in the areas of Internet, phone, energy efficient lighting and HVAC technologies such as PoE LED lighting and VRF HVAC systems. We have immediate plans to use, promote and support electric vehicles in the Northeast United States and have identified 4,000 square feet of space in our NYC headquarters to use as a showroom for 2050 EV product distribution. We’re excited to support 2050’s goals in the areas of efficient business operations, technical excellence, product affordability, supply-chain efficiency, market awareness and owner-experience. We look forward to building a business like 2050 leveraged to the high growth markets of electric vehicles, lighting and technology. In 2008, Flomenhaft started EVA Capital, Inc. to pursue M&A, private equity and merchant banking financing transactions across various industries, with a specialty focus on telecommunications and technology. EDGE FiberNet, Inc. is a Brooklyn-based company created to acquire and develop leading NYC independent commercial Internet service providers (ISP’s), VoIP and UC phone companies (voice over Internet protocol, unified communications) and IT Consultants that serve the Tri-State region. EDGE specializes in Internet, VoIP services, IT Consulting, Smart Building Technology, Internet of Things (IoT) implementation, VRF HVAC Solutions that reduce energy consumption 25% in alliance with Green Star Energy Solutions, and PoE LED lighting solutions that reduce the lighting build cost of construction by $1-$3/sq. ft. EDGE is a Molex CoreSync Alliance Member and Focused Advisory Representative.