CPSM, INC. (OTCMKTS:SWMM) Files An 8-K Other EventsItem 8.01. Other Events
The registrant is currently negotiating with Confida Aerospace Ltd. (“Confida”) and intends to enter into a Letter Agreement to assume all of the rights and obligations of Confida under an Asset Purchase Agreement dated January 18, 2018 by and between Infly Technology Ltd. and its principal shareholders (together “Infly”) and Confida.
Under the Asset Purchase Agreement, Infly agreed to transfer, convey and assign to Confida all right, title and interest in and to the assets belonging to Infly and all books and records, studies, software, drawings, schematics and all ancillary information, rights, agreements and understandings Infly may have in respect of the operations of Infly (collectively, the "Assets"). The Assets consist of PassengerDrone aircraft, hardware, software and firmware components, designs and trademarks.
The registrant and Confida have agreed in principal that, as consideration for the assumption of its rights and obligations under the Asset Purchase Agreement, the registrant shall issue Confida Aerospace Ltd. 10,000 preferred shares. Each preferred share shall be convertible into 1,333 common shares and 1,333 warrants. Each warrant shall be exercisable into one common share at an exercise price of $.75. The warrants shall have an exercise period of five years.
About CPSM, INC. (OTCMKTS:SWMM)
CPSM, Inc. is a holding company. The Company is a service pool maintenance, resurfacing and repaid company. The Company and its subsidiaries, Custom Pool & Spa Mechanics, Inc., and Custom Pool Plastering, Inc. (CPP) are engaged in the provision of various pool and spa services, specializing in pool maintenance and service, repairs, leak detection, renovations, decking and remodeling. Custom Pool & Spa Mechanics, Inc. is a service maintenance, service, repair and design/build pool and spa company. Custom Pool & Spa Mechanics, Inc.’s base line range of services includes routine maintenance, including water analysis and adjustment, debris removal, equipment preventative maintenance and repair. Custom Pool & Spa Mechanics also provides a range of services and products, including leak detection and repair; coping replacement; salt systems, and pool resurfacing. The Company, through CPP, provides custom surfaces to pool environments and has its own custom built spray truck.