Item 1.01 Entry into a Material Definitive Agreement.
On March 19, 2021, the registrant ("Altair International"), through its newly
formed Nevada subsidiary, EV Lithium Solutions, Inc., entered into an Asset
Purchase Agreement with CryptoSolar LTD, a company formed under the laws of the
United Kingdom, that has energy storage technology for a variety of industries,
including electric vehicles, to be used in place of traditional batteries that
rely upon chemical reactions rather than an electric field for higher energy
output and a longer life than traditional batteries. Under the terms of the
Asset Purchase Agreement, CryptoSolar received 2,500,000 shares of Altair
International's common stock at the closing of the transaction and will receive
up to 900,000 additional shares of Altair International common stock in
connection with the successful commercial development of the scaled-up EV
battery prototype and 20% of the net profits from all products sold by Altair
International incorporating or based upon the assets acquired from CryptoSolar.
In addition, Altair International entered into a five year Consulting Agreement
with the sole stockholder of CryptoSolar LTD, Andreas Tapakoudes, under which he
will receive a consulting fee of $4,000 per month to develop a commercial
lithium battery and a manufacturing facility for its commercial production.
The foregoing description of the Asset Purchase Agreement does not purport to be
complete and is qualified in its entirety by reference to the Agreement which is
filed as Exhibit 10.1 to this Current Report on Form 8-K.
Altair International will be issuing a press release concurrent with the filing
of this Current Report on Form 8-K to announce the acquisition of CryptoSolar
assets. A copy of the press release is filed as Exhibit 99.1.
On March 8, 2021, Altair International issued to EROP Enterprises LLC a secured
promissory note (the "Note") in the principal amount of $100,000 bearing annual
interest at 6% and due in two years. The Note is secured by the Walker Ridge
claims and project that Altair International purchased under a Mining Lease
dated August 14, 2020 between Altair International and Oliver Geoservices LLC
involving Altair International's right to mine certain property in Nevada for a
period of five years that can be extended for an additional twenty years if a
certain extension payment are made within the term of the lease as more fully
described in the Form 8-K filed August 18, 2020 by Altair International. The
foregoing description of the Note and Security Agreement does not purport to be
complete and is qualified in its entirety by reference to the Note and Security
Agreement which are filed as Exhibits 10.2 and 10.3, respectively, to this
Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
10.1 Asset Purchase Agreement dated March 19, 2021 between Altair
International Corp. and CryuptoSolar LTD.
10.2 Secured Promissory Note dated March 8, 2021 Issued by Altair
International Corp. to EROP Enterprises LLC
10.3 Security Agreement dated March 8, 2021 between Altair International Corp.
and EROP Enterprises LLC
99.1 Press Release dated March 31, 2021
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