2050 MOTORS, INC. (OTCMKTS:ETFM) Files An 8-K Other Events
ITEM 8.01 Other Events
On August 22, 2019, 2050 Motors, Inc. terminated its letter of intent (“LOI”) with LVG1 to purchase 10% of LVG1 equity using 100,000 Series B Preferred Shares (convertible into 100,000,000 common shares of 2050 Motors stock) as consideration. LVG1 is owner and operator of a branded portfolio of consumer products and services targeting the global travel and entertainment industries, with access to over 33,000 villas and resort properties worldwide using a wholesale e-commerce platform. The entity and its affiliates have active engagements today in the travel, tourism, eSports, and cannabidiol (“CBD”) markets, with contracts signed or under negotiation with well-known operators, teams, consumer brands and distributors targeting multiple nationwide retailers with tens of thousands of points of sale. Subject to mutual agreement, it remains 2050’s desire to leverage the LVG1 brands across its cannabis social network currently under development @ www.kanab.club including embedding them on a co-branded or similar basis into its planned e-commerce marketplace.
Item 9.01. Exhibits
(a) Exhibits. The following exhibit is filed with this Current Report on Form 8-K:
| Exhibit No. | Description |
| 10.1 | Termination of Letter of Intent (“LOI”) between 2050 Motors, Inc. / LVG1 – August 22, 2019 |
2050 MOTORS, INC. Exhibit
EX-10.1 2 ex10-1.htm August 22,…
To view the full exhibit click here
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.