CurAegis Technologies, Inc. (OTCMKTS:CRGS) Files An 8-K Entry into a Material Definitive Agreement

CurAegis Technologies, Inc. (OTCMKTS:CRGS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

Story continues below

On October 3, 2019, CurAegis Technologies, Inc. (the “Company”) entered into an unsecured subordinated promissory note agreement (the “Loan”) with Richard A. Kaplan as lender. Mr. Kaplan is the Company’s Chief Executive Officer and a director of the Company. The Loan provides for borrowing by the Company of $50,000. The maturity date of the Loan is December 31, 2019, and interest accrues on the outstanding balance of the Loan at a rate of 6% per annum. The description of the Loan above is only a summary and is subject to, and qualified in its entirety by reference to, the unsecured subordinated promissory note agreement, a copy of which is attached as Exhibit 10.1 and incorporated by reference in this Current Report on Form 8-K.

Item 2.03.  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above under “Item 1.01. Entry into a Material Definitive Agreement” is incorporated by reference in Item 2.03 of this Current Report on Form 8-K.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b)     On October 3, 2019, Charles N. Mills stepped down as a member of the board of directors of the Company and the Company accepted his resignation, effective as of this date.  Mr. Mills also withdrew as a director nominee for consideration at the Company\’s October 15, 2019, Annual Meeting of Shareholders. Mr. Mills has been a CRGS board member since November 2010.  We thank Charles for his participation, advice and guidance over this tenure and wish him happiness and success in his future endeavors.

(c)     On October 1, 2019, the Company’s board of directors adopted a resolution appointing James Donnelly as Chief Operating Officer of the Company, effective immediately, and also adopted a resolution appointing Richard A. Kaplan as President of the Company, effective as of the resignation of Keith Gleasman as President of the Company on September 6, 2019.

Item 9.01 Financial Statements and Exhibits

 
 

CurAegis Technologies, Inc. Exhibit
EX-10.1 2 ex_159686.htm EXHIBIT 10.1 ex_159686.htm Exhibit 10.1     UNSECURED SUBORDINATED PROMISSORY NOTE AGREEMENT     $50,…
To view the full exhibit click here

About CurAegis Technologies, Inc. (OTCMKTS:CRGS)

CurAegis Technologies Inc., formerly Torvec, Inc., develops and markets technologies in the areas of power, safety and wellness. The Company is focused on technologies, such as the Circadian User Risk Assessment (CURA) system and the Aegis hydraulic pump. The Company’s divisions include CURA Division and Aegis Division. The CURA division is engaged in the fatigue management business. The CURA system consists of individual elements, including the myCadian watch; panic-button and man-down system; CURA software, and the Z-Coach wellness program. The myCadian watch, a wearable device paired with the CURA system, is a real time alertness and emergency monitoring system that addresses sleep and fatigue management solutions. The Z-Coach e-learning module includes Z-Coach Aviation, which is designed for aviation professionals, from flight and ground crews, to scheduling, dispatch, administration and management. The Company’s Aegis division is engaged in the power and hydraulic business.

An ad to help with our costs