Tuesday, October 17, 2017 9:07:11 AM
Kris Craig, Officer, submitted her resignation on Saturday, October 14, 2017.
Jerry Craig, sole Director and Officer, believes the Securities Purchase Agreement is null and void, based upon Compass Creek Capital’s inability to complete the necessary due diligence which he believes negated its obligation to pay the required funds.
By rescinding the transaction, Mr. Craig’s appointment to the Board and as CEO and President are rescinded as well.
With the securities purchase agreement breached and voided by both MFLB and Compass Creek Capital, and the resignation of Kris Craig, effective on Saturday, October 14, 2017 there are no Officers or Directors remaining with the Company. The securities agreed to be purchased by Compass Creek Capital, as set forth in the Securities Purchase Agreement, will now revert back to the Company.
Item 5.01 Changes in Control of Registrant
Jerry C. Craig, being the only Director and an Officer of MFLB, has vacated his Officer and Director positions, effective Saturday, October 14, 2017. This leaves MFLB with no Officers or Directors. Under Delaware law, if there are no Directors of a Company, any officer or shareholder can call a special meeting to elect board members. MFLB will wait a reasonable time to see if a shareholder elects to call a meeting. If no meeting is called, MFLB will likely file for corporate dissolution.
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