ADVANCED BIOMEDICAL TECHNOLOGIES INC. (OTCMKTS:ABMT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On April 28, 2017, Advanced BioMedical Technologies, Inc. (the
Company) entered into a debt conversion agreement (the Debt
Conversion Agreement) with Titan Technology Development Ltd., a
Hong Kong corporation (TTD and LENDER), to which the Company and
TTD agreed to convert $100,000 of the accrued interest of the
outstanding debt owed by the Company to TTD into shares of the
Companys Common Stock at a conversion price of $0.05 per share.
to the terms of the Debt Conversion Agreement, on April 28, 2017,
$100,000 of the accrued interest of TTDs outstanding loan was
converted into 2,000,000 shares of Company Common Stock.
A copy of the Debt Conversion Agreement is filed as Exhibit 10.1
to this Current Report on Form 8-K.
Item 3.02 Unregistered Sales of Equity
Securities.
As disclosed under Item 1.01 of this Current Report on Form 8-K,
on April 28, 2017 the Company issued 2,000,000 shares of its
Common Stock to TTD in exchange for cancellation of $100,000 of
accrued and unpaid interest on loans owed by the Company to TTD.
The shares issued to TTD are issued as Restricted Securities, and
are issued to Rule 506 of Regulation D of the Securities Act of
1933.
Item 5.07 Submission of Matters to a Vote of Security
Holders.
On April 28, 2017, holders of 70.32% of the Companys common stock
voted in favor of converting $100,000 of the accrued interest of
the outstanding debt owed by the Company to TTD into shares of
the Companys Common Stock at a conversion price of $0.05 per
share.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit 10.1 |
Debt Conversion Agreement dated as of April 28, 2017 by |
About ADVANCED BIOMEDICAL TECHNOLOGIES INC. (OTCMKTS:ABMT)
Advanced Biomedical Technologies Inc. is a development-stage company. The Company’s business is carried out by its subsidiary, Masterise Holdings Ltd. (Masterise) through Shenzhen Changhua. It is engaged in the business of designing, developing and manufacturing of self-reinforced, re-absorbable biodegradable internal fixation devices, which include polyamide (PA) screws, rods and binding wires for fixation on human fractured bones. It has developed over six re-absorbable polymer fixation implant product lines, including screws, pins, tacks, rods and binding wires. Its products include Absorbable PA Osteosynthesis Devices made of a polyamide material. Its PA Binding Wires are under clinical trials, and its PA Mini-Screws are under animal test. It is researching and developing a range of human implant products, including Artificial Lumber Disc, Mini-Screws, Suture Anchors, reconstructive dental devices and other PA products. It has not generated any revenue. ADVANCED BIOMEDICAL TECHNOLOGIES INC. (OTCMKTS:ABMT) Recent Trading Information
ADVANCED BIOMEDICAL TECHNOLOGIES INC. (OTCMKTS:ABMT) closed its last trading session 00.000 at 0.150 with 10,000 shares trading hands.