2050 MOTORS, INC. (OTCMKTS:ETFM) Files An 8-K Changes in Control of Registrant
Item 5.01 (Changes in Control of Registrant) stating that we will transfer eighty (80) percent ownership in 2050 Motors, Inc., a Private corporation (“2050 Private”) to William Fowler, our prior Chief Executive Officer, while we will retain twenty (20) percent ownership interest in 2050 Private (the “2050 Private Transaction”).
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
After conducting due diligence regarding 2050 Private and the 2050 Private Transaction and based on the failure of 2050 Private’s management to provide adequate information regarding 2050 Private’s business plan, our Board of Directors determined that the 2050 Private Transaction was not in the best interests of its shareholders and we cancelled the 2050 Private Transaction.
About 2050 MOTORS, INC. (OTCMKTS:ETFM)
2050 Motors, Inc. is a development-stage company. The Company’s principal activity is the importation and the marketing and selling of electric automobiles. The Company has an exclusive license to import, market and sell in the United States, Puerto Rico, the United States Territories and Peru, the e-Go lightweight carbon fiber all-electric vehicle design and electric light truck, manufactured by Jiangsu Aoxin New Energy Automobile Co., LTD (Aoxin Automobile) located in the Peoples Republic of China. Aoxin Automobile develops and manufactures a lightweight, carbon fiber e-Go EV electric car (e-Go EV). The Company focuses on importing vehicles completely fabricated and assembled in China from Aoxin Automobile. The Company has not generated any revenues.