Aquapro Corp. (Pink Sheets: AQRO - http://finance.yahoo.com/q?s=AQRO.PK
) (Thu, May 10, 2007, 12:28pm EDT) AQUAPRO CORP Files SEC form 8-K, Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities
The undersigned believes that the registrant has not engaged in any material business operations for approximately the last four years. The registrant has not filed the periodic reports required by the Securities and Exchange Commission since February 14, 2003. In addition, on or about March 21, 2003, the registrant's corporate charter was no longer in good standing with the State of Tennessee. Accordingly, the undersigned believes that the registrant abandoned its business.
Pursuant to the "Order for Default Judgment" dated April 24, 2007 (the "Order"), the Chancery Court for Davidson County, Tennessee appointed David B. Stocker as custodian of the registrant "with all powers specified in Tenn. Code Ann.
Section 48-24-403, including but not limited to, as follows:
to exercise all of the powers of the Corporation, through or in place of its board of directors or officers, for purposes of reinstating the corporate charter, locating the financial records of the Corporation and to file tax returns and information statements to permit it to resume its status of good standing, and to otherwise restore, manage and/or wind up the business and prospects of the Corporation, for the benefit of all of the shareholders and any creditors of the Corporation."
In accordance with the Order, Mr. Stocker appointed himself as sole interim director and president. In addition, the registrant hired 930 Investments, LLC, a business consulting firm ("930I"), for the purpose of assisting the registrant in its efforts to salvage value for the benefit of its shareholders. 930I has also agreed to advise the registrant as to potential business combinations. Mr. Stocker, an attorney, is the manager of 930I.
As of May 9, 2007, Mr. Stocker, on behalf of 930I, has contributed approximately $20,000, and 930I obligated itself to contribute an additional $15,000 as paid in capital to the registrant. The registrant is to use these funds to pay the costs and expenses necessary to revive the registrant's business operations.
Such expenses include, without limitation, fees to reinstate the registrant's corporate charter with the State of Tennessee, payment of any past due franchise taxes, settling all past due accounts with the registrant's transfer agent, and accounting and legal fees. 930I has agreed to continue to contribute such additional funds as are necessary to accomplish these goals.
In consideration for these services and capital contribution(s), the registrant issued 10,000,000 shares of its common stock to 930I representing approximately 67% of its common stock outstanding as of May 9, 2007.