Entry into a Material Definitive Agreement
On June 5, 2018, Kreido Biofuels, Inc., a Nevada corporation and its sole officer and director G. Reed Petersen entered into a Stock Purchase Agreement with an effective date of June 20, 2018, or such other date as may be mutually determined by the parties in respect to the sale of an aggregate of 142,24,167 shares of common stock of the Company (the "Control Shares") for an aggregate of $420,000 in cash consideration, to certain purchasers.
As a result of the Agreement, and the sale of the Control Shares, as of the Effective Date, the Purchasers will hold a controlling interest in the Company, and may unilaterally determine the election of the Board and other substantive matters requiring approval of the Company's stockholders.
Departure, Election, Appointment, of Directors
On the Effective Date, G. Reed Petersen will resign as an officer and director of the Company.
Also, as of the Effective Date, the Board of Directors will appoint Wai Lim Wong to the Board of Directors, and as the Company’s Chief Executive Officer, Chief Financial Officer and Secretary. A summary of background and business experience of Mr. Wong is as follows:
Mr. Wai Lim Wong, age 46, has served as the Director and President of ABV Consulting Limited since June 2016. Mr. Wong served as the Sales & Marketing Manager at Keymax International Development Company Limited, a customer sourcing and management company focused in the money lending industry, since April 2014. Prior to joining Keymax International Development Company, Mr. Wong was an investor with Wing Fung Marine Products Limited, a seafood cultivation company based in China focused on abalones and prawns, from August 2009 to March 2014. Mr. Wong has had a broad range of sales and marketing experience for environmental products such as air purifying systems, cleaning products and energy saving products. From April 2007 to July 2009, he served as a project manager for Tomi Fuji Corporation Limited. Mr. Wong was a sales manager for Goash Health Products Company (China) from June 1990 to 2004. Mr. Wong brings to our board his deep and varied sales and marketing and general business experience.
Significant events after the last balance sheet date
On April 25, 2019, the Company signed three memoranda of Understandings (individually a "MOU") with three companies located in China. The names of these three companies are Jiangsu Baimoxin New Energy Co., Ltd.,
Meihekou Zhongcheng Yinxin Photovoltaic Agricultural Science and Technology Co., Ltd and
Shainhai Mianzhao New Energy Co., Ltd.
(each company is a "Potential Acquisition"). In each MOU, the Company agreed to purchase up to 100% of the issued and outstanding stock of the Potential Acquisition for terms to be defined in a definitive agreement. Each MOU requires the definitive agreement be completed within six months of the MOU.
3625 Cove Point Drive
Salt Lake City, UT 84109
Phone: (801) 209-0740
Held at DTC