Agritech Worldwide, Inc. (OTCMKTS:FBER) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 31, 2017, Jonathan Kahn and Morris Garfinkle provided
Agritech Worldwide, Inc. (the Company) with notices of their
resignation from the Companys Board of Directors (the Board) and
Jonathan Kahns resignation as the Companys Chief Executive
Officer, effective immediately. Messrs. Garfinkle and Kahns
resignations were not the result of any dispute or disagreement
with theCompany.
| Item 8.01 | Other Events. |
On March 31, 2017, the Company received a notice of default from
GKS Funding LLC, as administrative agent under the Loan Agreement
(as defined below) (GKS Funding) stating that the Company is in
default of a loan (the Loan) made to that certain Loan and
Security Agreement by and among the Company, GKS Funding and the
lenders named therein, which include Messrs. Garfinkle and Kahn
(the Lenders), dated as of February 1, 2017 (the Loan Agreement),
for failure to make a scheduled interest payment on the Loan that
was due on March 31, 2017. If such failure described above is not
cured within the 15-day cure period, which is April 15, 2017, the
Lenders (through GKS Funding, as administrative agent under the
Loan Agreement) intend to exercise all rights and remedies
available to them under the Loan Agreement, related note and
applicable law, which will include foreclosing on the collateral
under the Loan Agreement.
About Agritech Worldwide, Inc. (OTCMKTS:FBER)
Agritech Worldwide, Inc., formerly Z Trim Holdings, Inc., is an agricultural technology company. The Company owns existing, and seeks to develop new, products and processes that convert generally available agricultural by-products into multi-functional all-natural ingredients that can be used in food manufacturing and other industries. Its products cater to food and nutritional beverage industry, including fat-free, low-fat, reduced-fat and full-fat, across meats, baked goods, dairy and non-dairy products, snacks, beverages, dressings, sauces and dips. Its industrial products division focuses on the manufacture, marketing and sales of products designed specifically for industrial applications, including oil drilling fluids, petroleum coke, charcoal briquettes, hydraulic fracturing, and paper and wood adhesives. Its product portfolio of multifunctional food ingredients includes Corn Z Trim (both genetically modified organism (GMO) and non-GMO) and Oat Z-Trim. Agritech Worldwide, Inc. (OTCMKTS:FBER) Recent Trading Information
Agritech Worldwide, Inc. (OTCMKTS:FBER) closed its last trading session 00.0000 at 0.0130 with 50,773 shares trading hands.
