ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Background
On October 30, 2020, we filed a Form 8-K and press release regarding the
purchase of an overseas order for N95 Masks (the "Order"). On December 23, 2020,
we filed a Form 8-K regarding the cancellation of the Order (the
"Cancellation").
Settlement and Release Agreement
In connection with the Cancellation referenced above, on October 8, 2021, we and
our wholly-owned subsidiary, Renavotio Infratech, Inc. formed a partnership (the
"Partnership"), with other Parties, including Teybridge Capital Limited
("Teybridge") who is providing a $4.2 Million funding and marketing to the
Partnership. The Partnership was formed for the purpose of expanding our
Personal Protection market and assigning our Judgment against the supplier for
the counterfeit masks and related Cancellation referenced in our December 23,
2020 Form 8-K. Upon collection of such judgment, if ever, the funds will be used
for reduction of debt and operating capital for the partnership. In connection
with the Partnership, we completed a Settlement and Release Agreement between
the Parties to the Partnership, mutually releasing one another from any and all
claims, causes of actions, suits, obligations, debts, demands, liabilities,
damages, costs, and expenses. In conjunction with a $4,200,000 funding line
being provided to the partnership by Teybridge, our Chairman issued a Corporate
Guarantee secured by a pledge of assets held by Crescent Saints LLC Limited as
such pertains to all amounts due and payable to Teybridge. Additionally, we
agreed to issue our Preferred Series D Stock to the partnership with an issue
value of $2,200,000 in exchange for a 50% ownership in the Partnership.
ITEM 7.01. REGULATION FD DISCLOSURE
On October 12, 2021, we will issue a Press Release (Exhibit 99.1) titled
"Renavotio Announces Settlement and $2.2 million Investment in Market
opportunity Partnership".
The information in this Current Report on Form 8-K with respect to Item 7.01
(including the Press Release attached hereto as Exhibit 99.1 hereto) is being
furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended ("Exchange Act"), or otherwise subject to the liabilities of that
section, nor shall it be deemed to be incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act. This current
report on Form 8-K will not be deemed an admission as to the materiality of any
information contained herein (including the Press Release attached as Exhibit
99.1 hereto) and shall not be deemed to be "filed" for the purposes of Section
18 of the Exchange Act.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
The following exhibit is filed with this Current Report on Form 8-K:
Exhibit No. Description
99.1 Press Release dated October 12, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL
Document).
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