ADVANCED CREDIT TECHNOLOGIES, INC. (OTCMKTS:ACRT) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 – Unregistered Sale of Equity Securities.
On April 19, 2017, a majority of the voting securities of
Advanced Credit Technologies, Inc. (the Company) approved by
written consent that the Corporation issue Series A Super Voting
Preferred Stock to the Companys President and COO, Christopher
Jackson, the Companys Secretary and Treasurer, Enrico Giordano,
and the Companys Chief Technical Officer, Mark Carten. (See
discussion in Item 3.03 below for information pertaining to the
Series A Super Voting Preferred Stock)
Item 3.03 – Material Modification to Rights of Security
Holders.
On April 19, 2017, a majority of the voting securities of the
Company approved by written consent an amendment to the Companys
articles of incorporation to create a new class of stock
designated Series A Super Voting Preferred Stock consisting of
one-hundred-thousand (30,000) shares at par value of $0.001 per
share. The following rights, preferences, privileges and
restrictions were established for the Series A Preferred Stock:
|
Stated Capital. The amount to be represented in stated capital at all times for each share of Series A Preferred Stock shall be its par value of $0.001 per share (Stated Capital); |
|
Voting. Except as otherwise required by law, holders of shares of Series A Preferred Stock shall vote together with the common stock as a single class. The holders of Series A Preferred Stock shall be entitled to receive all notices relating to voting as are required to be given to the holders of the common stock. The holders of shares of Series A Preferred Stock shall be entitled to Five-Thousand (5,000) votes per share of Series A Preferred Stock; |
|
Dividends. The holders of Series A Preferred Stock shall not be entitled to receive any dividends; |
|
Liquidation Preference. In the event of any liquidation, dissolution or winding-up of the Company, either voluntary or involuntary, the holders of the Series A Preferred Stock shall be entitled to receive, prior and in preference to any distribution of assets of the Corporation to the holders of the common stock, the original purchase price paid for the Series A Preferred Stock. |
Item 5.01 – Change in Control of Registrant.
As a result of the issuance of the Series A Preferred Stock
described in Item 3.02, the Companys three executive officers,
Christopher Jackson, Enrico Giordano and Mark Carten will become
the Companys controlling shareholders. Christopher Jackson,
Enrico Giordano and Mark Carten each own 10,000 shares of the
Companys Preferred Stock, which votes, together with our common
stock at a ratio of 5,000 to 1.
Item 5.02(d) – Election of Directors
On April 19, 2017, a majority of the voting securities of the
Company approved by written consent the election Mark Carten to
serve on the Companys board of directors. The number of directors
of the Company was amended to four(4). Mr. Carten will not
receive any compensation at this time for serving as a director
of the Company, nor will he serve on any committees as none exist
at this time. In addition, Mr. Carten does not have any family
relationships with any other director or officer of the Company.
Finally, the Company and Mark Carten are currently parties to a
license agreement with regard to the CyberloQ technology.
Mr. Carten is an owner of CartenTech, LLC and has been the
driving force behind his company which has: developed
communication kiosks for airports and military bases in Europe;
developed photographic, computer hardware and software systems
for counter intelligence uses in multiple countries for various
government agencies; developed 3D laser measuring systems for the
fiber optic and plastic injection molding industries; and
developed over one-hundred websites and on-line database systems
for various clients in the both the United States and Europe. Mr.
Carten is the developer of the Companys CyberloQ technology as
well.
ADVANCED CREDIT TECHNOLOGIES, INC. (OTCMKTS:ACRT) Recent Trading Information
ADVANCED CREDIT TECHNOLOGIES, INC. (OTCMKTS:ACRT) closed its last trading session down -0.010 at 0.160 with 11,277 shares trading hands.