On May 5, 2011 Netco acquired all of the outstanding capital stock of Wallstreet411 Private Equity Group, Inc. in exchange 8,193,476 shares of common stock of Netco common stock.
On May 31, 2011, Netco acquired 24.5% of the issued and outstanding capital stock of Merrimac Corporate Securities Inc., a registered broker-dealer, in exchange for 910,386 shares of Netco's common stock valued.
On November 21, 2011, by mutual agreement of the parties both of these transactions were rescinded, and the 9,103,860 Shares of Netco Common Stock issued in the exchange transactions were returned to Netco for cancellation.
On November 21, 2011, Netco issued a total of 1,394,301 Shares of Common Stock for costs incurred in the rescission of these transactions. As a result, on November 21, 2011 Netco had a total of 20,725,629 Shares of its Common Stock issued and outstanding.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On May 3, 2011, Netco's subsidiary, Private Equity Group, Inc., entered into an agreement with Steven Pizzuti. Under the terms of that agreement, Mr. Pizzuti was to serve as president of the subsidiary. Netco issued to Mr. Pizzuti as a sign-on bonus 1,088,978 shares of its common stock. On November 21, 2011 this agreement was rescinded, and the 1,088,978 Shares of Common Stock were cancelled by Netco.
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