APT MotoVox Group, Inc. cancelled the acquisition of Miami Ice Machine Company.
April 30, 2014 at 12:00 am EDT
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Frozen Food Gift Group Inc. (OTCBB: FROZ) signed an agreement to acquire Miami Ice Machine Company for $1.2 million in stock on February 22, 2013. As part of consideration, Frozen Food issued to the shareholders of Miami Ice a total of $0.88 million of its restricted common stock in exchange for all of Miami Ice shares. Additonally, the shareholders of Miami Ice are entitled to an additional $0.28 million of Frozen Food's securities if, for either the year ending 2013 or the year 2014, the annual revenues of Miami Ice business in the South Florida territory exceeds $1 million. The transaction is subject to regulatory approvals, due diligence consummation, execution of consulting agreement, and execution of employment agreement. The transaction is expected to close on or by June 1, 2013. The transaction was completed effective June 11, 2013. David Glassberg of Glassberg & Glassberg, P.A. acted as legal advisor to Miami Ice Machine Company, Inc. Gary L. Blum of Law Offices of Gary L. Blum acted as legal advisor to Frozen Food Gift Group, Inc.
APT MotoVox Group, Inc. (OTCPK:MTVX) cancelled the acquisition of Miami Ice Machine Company in April 2014. On August 30, 2013, Frozen Food received notice from one of the two prior owners, Jeffrey Saltzman, via his attorney, that states he believes he believes the Purchase Agreement is in dispute, and would like to enter into mediation to rescind the agreement and negotiate a settlement. On September 6, 2013, Frozen Food responded that it did not agree to enter into mediation. Because Frozen Food was not able to fully audit Miami Ice Machine Company, it did not consummate the transaction. The company had recorded the shares as issued thus far, and was seeking the return of the shares issued if agreement could not be reached. As of December 31, 2013, the purchase agreement was still in dispute and ongoing efforts were being made to resolve the issue. Jeffrey Saltzman surrendered 10,800,000 shares of common stock to the company in accordance with the Miami Ice Machine Company agreement.
APT Motovox Group, Inc. operates through its subsidiary, APT Group, Inc., a propulsion technology company that manufactures and distributes transportation, utility and recreational powersport products. APT Group, Inc. offers Motovox, a range of motorsports products. Its products include mini bikes, which include MBX10, MBX11, MBX12 and MBX20; electric bikes, which include MBxXSe; pit/dirt bikes, which include MVX70, MVX110 and MVX250; Go-Karts, which include MGK11, MGK12 and MGK30; scooters, which include MVS10, and generators, which include MGR10. It also offers a range of parts, including MBX10 Mini Bike Parts, MVS10 Stand Up Scooter Parts, MBX11 Mini Bike Parts, MBxXSe Electric Mini Bike Parts, MGK11/12 Parts, MVX70 Pit Bike Parts and Factory Refurbished.
APT MOTOVOX GROUP, INC. 
