Hey warren do you receive your shares yesterday.. I'm seller at 0.0015- 0.02(for 2012) lol!! How many million do you need lol!! come on Warren
huge agreement soon !!
munz951 Share Wednesday, November 16, 2011 12:31:23 PM
Re: None Post # of 267478
Trying to grab ones all morning nothing!!!!
GLEN
Company entered into a Purchase and Sale Agreement (“Agreement”) with Sterling Yacht Sales, Inc. (“Sterling”), and it stockholders, Glenn W. McMachen, Sr., and Arlene McMachen. Under the terms of this agreement, the Company acquired 100% of the issued and outstanding common stock of Sterling. In return, the Company issued restricted shares of Company common stock to Sterling’s stockholders in an aggregate amount resulting in an 82.5% ownership of the Company by those individuals. The formal closing of this transaction was on April 28, 2010.
Other terms of this agreement include, but are not limited, to the following:
(a) The Company’s board of directors shall nominate and elect Mr. McMachen to the board of directors and then all current Board members agree to then resign. The current Board members shall then forfeit 50% of their current Company common stock holdings.
(b) The loan, and any accompanying documents, in connection with inventory (i.e. certain vessels/yachts) shall remain in the names of Glenn McMachen and Arlene McMachen individually; however, the Company agrees to assume and will be responsible for making the required monthly payments of the principal balance of this loan until these vessels in inventory are sold.
(c) Appoint two additional members to the Company Board of Directors within 150 days of the Closing, which persons will not include previous Company board members.
Sterling is a dealer/broker of vessels ranging in size from 30 feet and up. The firm is currently licensed to broker vessels and is marketing several yachts ranging in size from 30 feet to 75 ft. though its sales force of experienced yacht brokers. The company is focused on establishing East Coast distribution agreements with yacht manufacturers. Its offices are located in Lighthouse Point, Florida.
