The good news is I know how to read. Shares being suspended? What a joke. I'm sure Johan Eliasch, a Swedish billionaire businessman, and the chairman and chief executive officer of Head N.V., and a former special representative of the Prime Minister of the United Kingdom, got involved in TMPS to lose money and get in trouble with the SEC. Good call! Stooge.
As previously reported, on April 28, 2017, the Company entered into a 10% Senior Secured Convertible Note due April 28, 2018, in the principal amount of $6,200,000 (the “Convertible Note”) with Santiago Business Co. International Ltd. (the “Note Holder”).
The Company and the Note Holder (Johan Eliasch) have agreed to extend the maturity of the Convertible Note to April 28, 2019
On March 5, 2018, the Company entered into an addendum to the Aircraft Purchase Agreement dated August 11, 2017, for the acquisition of six L-1011 aircraft (the “Addendum”). The principal terms of the Addendum are summarized below:
-The Company agrees to close the acquisition and take title to the aircraft immediately;
-The seller of the aircraft (Johan Claasen) agrees to pay the cost for bringing aircraft maintenance current, including arrears, and the Company shall issue to the seller additional shares of the Company’s common stock, at a value of $0.18 per share, equal to the amount incurred by the seller;
-After the closing, the seller will continue to pay the costs to keep the aircraft maintenance current for 90 days or until existing claims as to title are dismissed or resolved in favor of the seller or the Company, whichever is sooner. The Company shall reimburse the seller for such post-closing costs either in cash or by issuing additional shares of Company stock, at a value of $0.18 per share, as the Company may decide.
