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Monday, March 18, 2024 7:54:31 PM
The Company is the majority owner of Regreen Technologies Inc. (“Regreen”), which holds patents related to the processing of waste-to-energy (the “Patents”).
Pursuant to the Agreement, the Company and Powertron will create a new entity under which all of the Company’s patents held by the Company (“Newco”) and will
assign the Patents from Regreen to Newco.
In consideration of the Agreement:
·
Powertron will make a non-refundable payment of $500,000 to the Company, within 72 hours of execution of the Agreement; and
·
Powertron will make payment of $500,000 to the Company, upon closing of the transaction in 60 days; and
·
Powertron will provide a promissory note for $4,000,000 with an interest rate of 7.5% with interest only monthly payments and a six-month term or as otherwise mutually agreed to.
·
Newco will issue to the Company 4,000,000 shares of common stock of an initial 10,000,000 shares of common stock outstanding in the Newco, along with a plan for the public listing.
·
Newco will provide an assurance that the Company will not be diluted below an equity position of 19.9% for the first 12 months from the date of closing, or as otherwise mutually agreed to.
Recent ASRE News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 01:42:37 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/12/2024 09:28:47 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/12/2024 10:01:03 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/06/2024 10:01:02 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/11/2024 12:55:36 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/01/2024 11:19:26 AM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 01/26/2024 04:10:30 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 01/17/2024 09:05:13 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 01/16/2024 10:05:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/27/2023 10:04:01 AM
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