CMXS Repurchased 100 M Shares
TUESDAY , SEPTEMBER 03, 2002 12:29 PM
Cormax Business Solutions Inc (OTCBB: CMXS) released an 8-K today.
August 13, 2002 The Board of Directors has elected to repurchase Todd Violette's Class A Preferred and all common stock related to the Convertible Preferred. Mr. Violette has returned 100,000,000 shares of common stock back to the treasury and holds only the 1,000,000 shares of Convertible Preferred. The Board expects to complete the repurchase October 31, 2002. Total outstanding in common stock will be 87,341,296 and 1,000,000 Preferred shares after the repurchase.
August 22, 2002 the Company entered into a Share Purchase Agreement with Ingenuity Marketing (2000) whereas Ingenuity Marketing (2000) has agreed to purchase 1,000,000 share of Class A Convertible Preferred from the Company in return for:
- Obtaining a three million dollar underwriting commitment
- Completing the acquisition of Identification Technologies Inc., and Alberta Company known as Identex www.identex.net
- Pledge to obtain $8,000,000 dollars in revenue within twenty-four months of this agreement.
Closing is scheduled for October 31, 2002. Upon Closing Ingenuity Marketing will become the Majority shareholder of the Company. The Majority shareholder of Ingenuity Marketing (2000) is Peter Leeuwerke.
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With trading you must conquer your emotions and be very disciplined about your goals.
With trading you must conquer your emotions and be very disciplined about your goals.
