Global Future City Holding Inc. acquired Powerdyne Regional Center LLC from Powerdyne Inc. for $0.25 million.
The closing of purchase and sale transaction will take place on March 27, 2015, but no later than March 30, 2015. The transaction requires delivery of the written resignations and general release in favor of Powerdyne Regional Center, duly executed by all of its managers, directors, officers, and employees, resolutions duly adopted by the Board of Managers of Powerdyne Inc. approving the execution, delivery and performance of the agreement, resolutions duly adopted by the Board of Directors of Global Future approving the execution, delivery and performance of the agreement and transaction documents.
David Hirson of David Hirson & Partners, LLP acted as legal advisor for Powerdyne Inc and Suzanne Fu of Summit Law Corporation acted as legal advisor for Global Future City Holding Inc.
Global Future City Holding Inc. (OTCPK:FTCY) completed the acquisition of Powerdyne Regional Center LLC from Powerdyne Inc. on March 27, 2015. The deposit paid by Global Future City became the first installment of the purchase price, with the balance to be paid in installment payments due on April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016 and April 1, 2016; provided, however, such installment payments shall be accelerated by the amount of administrative fees paid by any EB-5 investor(s) until the remaining balance of the purchase price is paid in full.