InvestorsHub Logo
Followers 50
Posts 947
Boards Moderated 0
Alias Born 05/06/2019

Re: None

Friday, 05/22/2020 10:14:15 AM

Friday, May 22, 2020 10:14:15 AM

Post# of 162773
Looks like a signed agreement exists to me.

Acquisition of New Earth Development Corporation

On February 21, 2020, the Company entered into an Acquisition, Funding Agreement (the “Agreement”) with Gold River Productions, Inc., a Colorado corporation and the parent corporation to its wholly owned subsidiary New Earth Development Corporation, an Illinois corporation, which in turn is the parent corporation to its wholly owned subsidiary Hemp Armor Inc., RushNet Inc., a Colorado corporation, and Joshua Spooner, an Illinois resident.

Pursuant to the terms of the Agreement, the Company received all of the stock and other ownership of New Earth Development Corporation, which makes both New Earth Development Corporation and its wholly owned subsidiary, Hemp Armor Inc, wholly owned subsidiaries of the Company as of February 21, 2020. As consideration for all of the
stock and ownership interests in New Earth Development Corporation, the Company has agreed to (i) issue 2,500,000 shares of its common stock in exchange for all of the shares and ownership interests of New Earth Development Corporation, (ii) provide five million dollars USD ($5,000,000) of funding to New Earth Development Corporation
33 (the “Funding”), and (iii) agrees that Joshua Spooner shall serve as the Chief Executive Officer of Hemp Armor Inc.,
with Mr. Spooner managing Hemp Armor Inc. from his Illinois office.

Hemp Armor Inc. will use the Funding to build the first manufacturing facility to capitalize on the opportunity, and to
corner, the market of hemp bio-textiles and composites to significantly upgrade modern textiles, and to provide new raw material resources for superior attire for the safety of the user, and in part to accommodate increasing demand for textiles, and the creation of a renewable source of raw bio-textiles, for application in aerospace, automotive, law
enforcement, the Department of Defense, and to enable it to construct a 600 meter ballistic testing range. Hemp Armor will also seek to produce primarily high strength woven design that will house the flexible ballistic material formulations known as CarbonEra™, which will be manufactured pursuant to a licensing agreement with Nova Graphene™.

Source (Pg 32): https://backend.otcmarkets.com/otcapi/company/financial-report/245337/content

Here is a link to actual agreement between the parties, Including RSHN provided on the GRPS website. It is 24 pages long, so go to the link.
https://www.grpsinc.com/wp-content/uploads/2020/03/spin-off.pdf