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Wednesday, April 23, 2014 1:28:46 PM
1). APPROVAL OF SUBSIDIARY CORPORATION FOR VODWIZ -
In order to better position the Video-On-Demand website and IPTV venture "VODWIZ" for strategic branding and growth opportunities, the Board approved the formation of a subsidiary corporation. Effective April 15, 2014, "VODWIZ, Inc." shall be incorporated in Wyoming, with Wyoming Registered Agents as the locally based agent-for-service of process. VODWIZ, Inc. shall have the authority to issue up to ten-million (10,000,000) shares of common stock, of which 6,000,000 shall be issued upon filing to Hannover House, Inc. All licensing contracts with third-party studio programming suppliers shall be entered into by the new corporation, and the servicing agreement with Nanotech Media shall be assigned to the new corporation. Additionally, the Board approved the salary / budget approval for the hiring of a VODWIZ General Manager (and / or "President" of the new corporation), which position shall have a first year base salary cap of ninety-thousand dollars (USD $90,000) with a stock incentive plan based on revenues and profitability for the entity. Capital expenditures made or accrued by Hannover House on behalf of VODwiz shall be recorded and properly booked or repaid, in compliance with corporate law and accounting practices. With respect to the GM / President hire, the previous attempts to secure an appropriate candidate had been handicapped by the prior Board resolution authorizing a base salary of $60,000. HHSE officers Eric Parkinson and D. Frederick Shefte shall be the C.E.O. and C.O.O. / Secretary respectively for VODwiz, Inc., leaving open the positions of President and Vice-President.
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=118568
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