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Reddick-Based Milwaukee Iron Arena Football Accuses Kodiak of Failing to Pay $1M - cbl

June 8, 2010
By citybizlist Staff

REDDICK -- Milwaukee Iron Arena Football Inc. (OTCBB: GCNV) has accused Kodiak Capital Group of failing to make a payment of $1 million under the terms of a stock purchase agreement, according to an SEC filing.

The Reddick, Fla.-based company, which owns an arena football team, said the New York firm was obliged to pay that amount upon the transfer of 1.5 million shares to the money manager April 30.

Milwaukee Iron Arena Football said it had made "repeated demands for payment" to Kodiak Managing Director Ryan Hodson but had received, on June 4, a payment of only $17,000. The company said it was consulting with lawyers and intended to pursue "all remedies."

On March 29, Milwaukee Iron Arena Football and Kodiak signed an agreement under which Kodiak pledged to buy from the company up to $15 million of shares over three years. On June 2, Milwaukee Iron Arena Football filed an updated version of that investment agreement with some minor modifications.

The company is the result of the Jan. 27 merger between Genesis Capital Corp., of Nevada , and the Milwaukee Iron Arena Football Team, a Wisconsin corporation.

http://southflorida.citybizlist.com/6/2010/6/8/ReddickBased-Milwaukee-Iron-Arena-Football-Accuses-Kodiak-of-Failing-to-Pay-1M--cbl.aspx