CLOUD SECURITY CORPORATION (OTCMKTS:CLDS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into Material Definitive Agreement |
On March 31, 2017, Goldenrise Development, Inc., a California
corporation (Goldenrise) and Cloud Security Corporation (the
Company) entered into a Stock Purchase Agreement (the Agreement)
with Zhi Lu Peng, an individual (the Purchaser). to the
Agreement, Goldenrise agreed to sell and Purchaser agreed to
purchase 12,000,000 restricted common stock shares of the Company
(the Shares), representing approximately 92.12% of the Companys
outstanding shares of common stock. In consideration for the
Shares, Purchaser will pay to Goldenrise a total of $400,000 as
follows: (i) $100,000 upon the execution of the Agreement, and
(ii) $300,000 on or before June 15, 2017 (the Closing). The
Agreement is subject to certain customary conditions to Closing.
The transaction contemplated by the Agreement would effectuate a
change in control of the Company should it ultimately close.
Purchaser would own approximately 92.12% of the Company’s issued
and outstanding common stock. There are no arrangements or
understandings among members of both the former and new control
groups and their associates with respect to election of officers
or other matters.
The foregoing description of the Agreement is not complete and is
qualified in its entirety by reference to the full text thereof,
which is filed as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated by reference into this Item1.01.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 |
Stock Purchase Agreement dated March 31, 2017, by and between Goldenrise Development, Inc. and Mr. Zhi Lu Peng |
About CLOUD SECURITY CORPORATION (OTCMKTS:CLDS)
Cloud Security Corporation is an early-stage security and information access technology software company. The Company delivers immediate information with secure access to computer desktops and other consumer electronic devices from remote locations. The Company develops its cloud security technology, MyComputerKey, and related cloud computing security software product lines. The Company’s product, MyComputerKey, is a technology that provides a secure multi-factor validation and authentication system for cloud-based infrastructures and protects data accessed from remote locations across the world. The Company also focuses on developing an application version of this product for mobile devices (MyMobileKey) and tablets (MyTabletKey). MyComputerKey provides secure authentication prior to accesses of a user’s same, consistent and familiar desktop where all of their customized and personal applications and files reside. CLOUD SECURITY CORPORATION (OTCMKTS:CLDS) Recent Trading Information
CLOUD SECURITY CORPORATION (OTCMKTS:CLDS) closed its last trading session 00.000 at 0.850 with 1,000 shares trading hands.
