LEO MOTORS, INC. (OTCMKTS:LEOM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entries Into a Material Definitive Agreement
“Company”), entered into a purchase agreement (the
“Agreement”) with the sole shareholder of Leo Members, Inc., a
corporation incorporated in the Republic of Korea (“Members”),
to which the Company purchased 3,000,000 shares of Members’
common stock in exchange for Three Hundred Million (300,000,000
KRW) South Korean Won (approximately $268,869 U.S. Dollars). The
former sole shareholder of Members is the co-Chief Executive
Officer of the Company. As a result of the transaction, Members
has become a wholly-owned subsidiary of the Company.
with Members (the “Purchase Agreement”), to which Members
purchased from the Company 200,000 shares of common stock of Leo
Motors Factory, Inc., a Republic of Korea corporation and
subsidiary of the Company (“Leo Factory 1”), 15,000 shares of
common stock of Leo Motors Factory 2, Inc., a Republic of Korea
corporation and subsidiary of the Company (“Leo Factory 2”),
and 100,000 shares of common stock of Leo Trading, Inc., a
Republic of Korea corporation and subsidiary of the Company
(“Leo Trading”) for an aggregate of Three Hundred Million
(300,000,000 KRW) South Korean Won (approximately $268,869 U.S.
Dollars). As a result of the transaction, Members acquired a 50%
interest in each of Leo Factory 1, Leo Factory 2 and Leo Trading
and the Company’s equity ownership percentage in each of Leo
Factory 1, Leo Factory 2 and Leo Trading decreased from 50% to
0%.
hereto as Exhibit 10.1 and Exhibit 10.2, respectively. The
foregoing description of each of the Agreement and the Purchase
Agreement is not complete and is qualified in its entirety by
reference to Exhibits 10.1 and 10.2, referenced above and is
incorporated by reference in its entirety.
information for the above described acquisition will be
reported on an amended Current Report on Form 8-K, if required,
not later than 71 days from the date hereof.
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(d)
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Exhibits.
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Exhibit No.
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Description
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10.1
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Form of Agreement
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10.2
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Form of Purchase Agreement
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About LEO MOTORS, INC. (OTCMKTS:LEOM)
Leo Motors, Inc. is engaged in the development, assembly and sale of the energy storage devices and electric vehicle components. The Company operates through the sale and manufacture of specialized electric vehicle segment. The Company, through its subsidiary, Leo Motors, Co. Ltd., is engaged in the research and development of multiple products, prototypes and conceptualizations. It operates through four unincorporated divisions: new product research and development (R&D), post R&D development, such as product testing, production, and sales. Its products include E-Box electric energy storage system for solar and wind power generation devices, and electric vehicle (EV) components that integrate electric batteries with electric motors, such as EV Controllers that use a mini-computer to control torque drive. It has developed electric power train systems (EPTS) of power rating, including over three Kilowatts, five Kilowatts, 7.5 Kilowatts, 15 Kilowatts, 30 Kilowatts and 60 Kilowatts. LEO MOTORS, INC. (OTCMKTS:LEOM) Recent Trading Information
LEO MOTORS, INC. (OTCMKTS:LEOM) closed its last trading session down -0.005 at 0.150 with 290,024 shares trading hands.
