Item 8.01 Other Events
On
andDon Taylor as Chief Financial Officer and a member of the Board of Directors;
(2) Appointment of
qualifications to serve as Ombudsman and as Chairman of the Board.
(3) The following shareholders have been ordered to return a cumulative total of
3,500,000 shares of the Company's common stock to treasury for cancellation, as set out below:
(a)
(4) The Company shall issue 1,400,000 restricted common stock to the law firm of
(5) The Company shall enter into a Promissory Note with the law firm of Robbins,
LLC for in the amount ofThree Hundred Fifty Thousand Dollars ($350,000 ) with respect to legal fees incurred, note bearing interest at a rate of six (6%) percent per annum calculated monthly with all interest and principal due and payable no later than three (3) years from the date of the final Settlement approval;
(6) Debt in the amount of One Million Five Hundred Thousand Dollars (
held byPhenix Ventures LLC , a company controlled byGannon Giguiere , shall be immediately forgiven and canceled.
The information set forth in Item 8.01 of this Current Report on Form 8-K shall
not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that section, and shall not be deemed to be incorporated by
reference in any of the Company's filings with the
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