Kleangas Energy Technologies, Inc cancelled the acquisition of Company, Inc. (CI) from Jerry Hansen, Tracy Johnson and The PI Foundation.
July 22, 2015 at 12:00 am EDT
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Kleangas Energy Technologies, Inc (OTCPK:KGET) entered into stock purchase agreement to acquire Company, Inc. (CI) from Jerry Hansen, Tracy Johnson and The PI Foundation for $7.3 million on July 22, 2014. Kleangas Energy agreed to acquire 5 million shares of common stock of CI for $7.3 million plus the amount of other current assets shown on CI's balance sheet, escrow payment of $0.22 million in cash and delivery of a secured promissory note in the principal amount of $7.1 million if closing date occurs in August 2014 or $7.3 million plus the amount of other current assets shown on CI's balance sheet, escrow payment of $0.24 million in cash and delivery of a secured promissory note in the principal amount of $7.1 million if closing date occurs in September 2014 or $7.3 million plus the amount of other current assets shown on CI's balance sheet, escrow payment of $0.26 million in cash and delivery of a secured promissory note in the principal amount of $7.1 million if closing date occurs in October 2014. In related transaction, Kleangas Energy will also purchase 0.83 million shares of newly issued stock of Company for $1.3 million. Sellers will not be responsible unless and to the extent that the aggregate of all damages suffered by Kleangas exceeds $1 million and then only for the amount of such excess up to an amount not greater than the purchase price less $1 million. Mark E. Rinehart acted as escrow agent for Kleangas Energy Technologies.
Kleangas Energy Technologies, Inc (OTCPK:KGET) cancelled the acquisition of Company, Inc. (CI) from Jerry Hansen, Tracy Johnson and The PI Foundation on July 22, 2015.
CaliPharms Inc is a developmental stage acquisition company. The Company is focused on acquiring, merging, and joint venturing with legally permitted fully operational marijuana-cannabis businesses. The Company is seeking acquisitions in medical marijuana-cannabis cultivation. The Company focuses on the medical-grade marijuana-cannabis within the State of California. The Company is also expanding into other sectors that support the legalized marijuana industry.