Carolco Pictures, Inc. (OTCMKTS:CRCO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Separation Agreement and General Release
On April 3, 2017, Carolco Pictures, Inc. (the Company) entered
into a Separation Agreement and General Release (the Agreement)
by and between the Company and David Cohen (Employee) to which,
in part, the Employee shall resign from his officer and directors
positons with the Company no later than April 15, 2017. In
consideration thereof, the Employee shall receive 1000 shares of
common stock of the Company.
The foregoing description of the Agreement is merely a summary.
For a full understanding of the terms and conditions of the
Agreement, see attached Agreement as Exhibit 10.1 attached
hereto.
Securities Purchase Agreement
Also, on April 3, 2017, Birchwood Capital, LLC (Seller) entered
into a Securities Purchase Agreement (SPA) by and between the
Seller and Brick Top Holdings, Inc. (Purchaser) to which, in
part, the Seller transferred to the Purchaser 1,250,000 shares of
the Companys Series A Preferred Stock and 5,125,000 shares of the
Companys Series C Preferred Stock in exchange for $37,500.
Alexander Bafer, the Companys Chairman of the Board of Directors
and Chief Development Officer, owns and controls the Purchaser.
As a result thereof, Purchaser now beneficially owns 3,240,000
shares of Series A Preferred Stock and 17,875,000 shares of
Series C Preferred Stock. Mr. Bafer owns 510,000 shares of Series
A Preferred Stock.
The Series A Preferred Stock is not convertible into shares of
common stock but do carry voting rights of 100 votes per share
held. Each shares of the Series C Preferred Stock is convertible
into two shares of common stock.
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
See Item 1.01 regarding the resignation of David Cohen as an
officer and director of the Company. Mr. Cohens resignation was
not the result of any disagreement with the Company on any matter
relating to its operation, policies (including accounting or
financial policies) or practices.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit | Description | |
| 10.1 | Separation Agreement and General Release |
|
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About Carolco Pictures, Inc. (OTCMKTS:CRCO)
Carolco Pictures, Inc. is a feature film and television specials production company. The Company is engaged in the sale of programming for television and other media. The Company seeks to finance, produce and distribute one or more television series and feature films to be licensed for exploitation in domestic and international theatrical, television, cable, home video and pay per view markets. The Company, through its subsidiary, High Five Entertainment, specializes in the development and presentation of television programming, including series, specials, pilots, live events and award shows. Carolco Pictures, Inc. (OTCMKTS:CRCO) Recent Trading Information
Carolco Pictures, Inc. (OTCMKTS:CRCO) closed its last trading session 00.000 at 0.840 with 200 shares trading hands.