BRIGHTLANE CORP. (OTCMKTS:BTLN) Files An 8-K Other EventsItem 8.01. Other Events
On December 21, 2015, we completed the agreement to acquire all of the outstanding shares of Brightlane Homes, Inc. which through its wholly owned subsidiary acquired a 99.9% limited partner interest in Brightlane RECA, LP (“BL RECA LP”) which is the beneficiary of the Brightlane RECA Trust which owns a portfolio of assets here in referred to as the Brightlane RECA portfolio.
The partners of Brightlane RECA, LP amended the Revised Limited Partnership Agreement to admit Brightlane GP, Corp., (“BLGP”), an affiliate of the Company, as a General Partner of BL RECA LP. Additionally, National Asset Advisors, LLC (NAA) transferred all of its General Partner interests and powers to BLGP and withdrew as General Partner of BL RECA. David W. Campbell, Jr., managing member of NAA, was appointed President of BLGP.
Going forward, the financial operations of Brightlane Homes, Inc. will be reported on a consolidated basis with the registrant.
About BRIGHTLANE CORP. (OTCMKTS:BTLN)
Brightlane Corp., formerly Bonanza Gold Corp., is focused on the acquisition, renovation, leasing and managing of single-family homes throughout the United States utilizing a lease-to-own structure. The Company intends to provide technological and green energy features in its homes that are not usually associated with single-family homes. The Company’s subsidiary is Brightlane Homes, Inc. Brightlane # 1 LLC is a subsidiary of Brightlane Homes, Inc., and owns interest in the Brightlane RECA LP. The Brightlane RECA portfolio consists of approximately 350 income-producing owner-financed and purchase money notes related to over 350 single-family homes. The underlying homes are geographically dispersed across the Great Lakes, Upper Midwest, Ohio Valley, Midwest and Southeast regions of the United States and are held in a statutory trust known as Brightlane RECA Trust. The Company has not generated any revenues. BRIGHTLANE CORP. (OTCMKTS:BTLN) Recent Trading Information
BRIGHTLANE CORP. (OTCMKTS:BTLN) closed its last trading session 00.00 at 3.09 with shares trading hands.