Item 1.01 Entry into a Material Definitive Agreement
On May 23, 2016, Solaris Power Cells, Inc. (“Solaris” or the “Company”) (OTC Markets: SPCL) filed a Form 8-K with the Securities and Exchange Commission (the “Prior 8-K”) disclosing that the Company had entered into a Share Exchange Agreement, effective as of April 30, 2016 (the “Exchange Agreement”) with Pixel Holdings, Inc., a Delaware corporation (“Holdings”), Pixel Mags, Inc. a Delaware corporation (“Pixel”) and Leonard Caprino (the “Management Stockholder” or “Caprino”) regarding the acquisition by the Company from Holdings of 100% of Pixels outstanding capital stock. .
Pixel is a digital distribution company engaged in the business of delivering digital versions of magazines and catalogs to mobile devices and mobile operating systems.
In exchange for the Pixel shares, the Company agreed to issue to Holdings (a) 1,000,000 shares of Series A convertible voting preferred stock of the Company (the “Series A Preferred Stock”), (b) a 10% original discount convertible note initially valued at $5,000,000 (the “Purchase Note”), and (c) a five year warrant to purchase 500 million shares of Company common stock (the “Warrant”).
On May 25, 2016, the Company filed an amended and restated articles of incorporation of the Company with the Secretary of State of Nevada. Among other things, the amended and restated articles of incorporation contemplated: (a) a one-for-10 reverse split of the authorized capital stock of the Corporation to reduce the number of authorized shares of capital stock of the Corporation from 2,170,000,000 shares of capital stock to 217,000,000 authorized shares of capital stock, and (b) a one-for-100 reverse split of the issued and outstanding shares of Common Stock of the Corporation to combine the outstanding shares of Common Stock into a lesser number of shares of Common Stock of the Corporation (collectively, the “Reverse Stock Splits”). When the Reverse Stock Splits occurs there would be no change in the 10,000,000 shares of preferred stock authorized by the Articles of Incorporation or in the 1,000,000 issued and outstanding shares of Series A Preferred Stock.
The closing of the transactions under the Exchange Agreement (the “Closing”), occurred on about May 31, 2016 following the filing of the restated articles of incorporation of the Company However, the consummation of the Reverse Stock Splits was deferred by the Company..
The Reverse Stock Splits are anticipated to occur on or about January 31, 2017; provided that such Reverse Stock Splits shall only become effective on a date which shall be the last to occur of (a) the latest date that a corporate action in respect of the reverse stock splits can be taken following the mailing of a Form 14C Information Statement to the stockholders of Solaris, or (b) approval of such reverse stock splits by the Financial Industry Regulatory Authority (“FINRA”).
In November 2016, Leonard Caprino resigned as an officer and director of Solaris and Neil Kleinman was appointed as President and CEO.
Item 8.01 Other Events
The Company is currently delinquent in its filings under the Securities Exchange Act of 1934, and, to date, has been unable to file unaudited financial statements of the Company or its Pixel subsidiary in 2016. The Company’s management in working with outside auditors to audit the financial statements of Pixel for 2014 and 2015 and intends to file Form 10-Q Quarterly Reports for the Company and its Pixel subsidiary as soon as is practicable.
The Company also notes that there have been recent publications and other postings on the Internet by third parties alleging that Pixel has significant revenues, with figures as much as over $70 million mentioned. Such publication also speculates that the value of Solaris’ common stock could be significantly greater than its current trading price.
None of these postings or publications have been authorized or approved by the Company, any member of its current or prior management or any representative of the Company. In fact, the speculated revenues of Pixel are materially misleading and are significantly in excess of current levels of sales revenues. Investors are urged to ignore any such reports, publications or postings and should rely only upon public reports filed by the Company with the SEC under the Securities Exchange Act of 1934.
SOLARIS POWER CELLS, INC.
By: /s/ Neil Kleinman
Neil Kleinman
Chief Executive Officer, and Principal Executive Officer
the original: NYS Department of State Division of Corporations Entity Information The information contained in this database is current through December 2, 2016.
Selected Entity Name: PIXEL HOLDINGS INC. Selected Entity Status Information Current Entity Name: PIXEL HOLDINGS INC. DOS ID #: 3132239 Initial DOS Filing Date: DECEMBER 01, 2004 County: NEW YORK Jurisdiction: NEW YORK Entity Type: DOMESTIC BUSINESS CORPORATION Current Entity Status: INACTIVE - Merged Out (Sep 18, 2013)
Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity) JON ORINGER 60 BROAD STREET / 30TH FL NEW YORK, NEW YORK, 10004 Chief Executive Officer JON ORINGER 60 BROAD STREET / 30TH FL NEW YORK, NEW YORK, 10004 Principal Executive Office JON ORINGER 60 BROAD STREET / 30TH FL NEW YORK, NEW YORK, 10004 Registered Agent NONE
---- merged out because bought by Shutterfly in 2013: https://www.sec.gov/Archives/edgar/data/1549346/000154934616000024/R21.htm Related Parties In connection with the follow-on offering in September 2013, Pixel Holdings Inc. ("Pixel Holdings"), an entity of which Jonathan Oringer, the Company's Founder, Chief Executive Officer and Chairman of the Board of Directors, was the sole stockholder, merged with and into the Company on September 18, 2013. In this merger, Mr. Oringer received an equivalent number of shares of common stock of the Company as the number that was previously owned by Pixel Holdings such that, following the merger, Mr. Oringer owns his interest in the Company directly rather than through Pixel Holdings. As a result of the merger, the Company assumed $0.2 million in liabilities primarily related to Pixel Holdings' normal operating activities. The Company paid these liabilities during the year ended December 31, 2013 and was fully indemnified by Mr. Oringer, as provided for in the merger agreement. The merger agreement also provided for certain customary representations and warranties.
==== Pixelholdings.com Domain Name: PIXELHOLDINGS.COM Registry Domain ID: 1730054630_DOMAIN_COM-VRSN Registrar WHOIS Server: whois.godaddy.com Registrar URL: http://www.godaddy.com Update Date: 2012-06-27T19:02:30Z Creation Date: 2012-06-27T19:02:30Z Registrar Registration Expiration Date: 2022-06-27T19:02:30Z Registrar: GoDaddy.com, LLC Registrar IANA ID: 146 Registrar Abuse Contact Email: abuse@godaddy.com Registrar Abuse Contact Phone: +1.4806242505 Domain Status: clientTransferProhibited http://www.icann.org/epp#clientTransferProhibited Domain Status: clientUpdateProhibited http://www.icann.org/epp#clientUpdateProhibited Domain Status: clientRenewProhibited http://www.icann.org/epp#clientRenewProhibited Domain Status: clientDeleteProhibited http://www.icann.org/epp#clientDeleteProhibited Registry Registrant ID: Not Available From Registry Registrant Name: jon oringer Registrant Organization: Registrant Street: 100 s pointe dr TH7 Registrant City: miami beach Registrant State/Province: Florida Registrant Postal Code: 33139 Registrant Country: US Registrant Phone: (212) 598-9440 Registrant Phone Ext: Registrant Fax: Registrant Fax Ext: Registrant Email: jon@shutterstock.com Registry Admin ID: Not Available From Registry Admin Name: jon oringer Admin Organization: Admin Street: 100 s pointe dr TH7 Admin City: miami beach Admin State/Province: Florida Admin Postal Code: 33139 Admin Country: US Admin Phone: (212) 598-9440 Admin Phone Ext: Admin Fax: Admin Fax Ext: Admin Email: jon@shutterstock.com Registry Tech ID: Not Available From Registry Tech Name: jon oringer Tech Organization: Tech Street: 100 s pointe dr TH7 Tech City: miami beach Tech State/Province: Florida Tech Postal Code: 33139 Tech Country: US Tech Phone: (212) 598-9440 Tech Phone Ext: Tech Fax: Tech Fax Ext: Tech Email: jon@shutterstock.com Name Server: NS09.DOMAINCONTROL.COM Name Server: NS10.DOMAINCONTROL.COM
======
SHUTTERSTOCK, INC.
Dated: November 4, 2016 By: /s/ Jonathan Oringer
Jonathan Oringer
Chief Executive Officer
(Principal Executive Officer)
====== and I can guarantee you the shutterstock CEO has ZIP interest in merging with a stinking pinky!!! Shutterstock Inc/NYSE: SSTK · December 2, 4:38 PM EST/44.64
such nonsense!!!!
Pixelmag.com. Pixel Holdings, Inc. Swapped shares of pixelmag for SPCL. Pixel Holdings does not have a website, unless you count Shutterstock. Jon Oringer held shutterstock through pixel holdings until about 2013 when pixel holdings merged with shutterstock. Now pixel holdings controls SPCL. Starting to see what is going to happen here??? They don't want SPCL tech. They want the shell. This is all made clear in the 8k. Pixel Holdings, Inc. is in control here. Deal closes 5/31.
===== It appears someone setup a NEW company with the same name - Pixel Holdings Inc in Delaware in 2015 - the one they mention in the SPCL 8k
THIS IS NOT A STATEMENT OF GOOD STANDING File Number: 5708725 Incorporation Date / Formation Date: 2/13/2015 (mm/dd/yyyy) Entity Name: PIXEL HOLDINGS, INC. Entity Kind: Corporation Entity Type: General Residency: Domestic State: DELAWARE
REGISTERED AGENT INFORMATION
Name: THE CORPORATION TRUST COMPANY Address: CORPORATION TRUST CENTER 1209 ORANGE ST City: WILMINGTON County: New Castle State: DE Postal Code: 19801 Phone: 302-658-7581