FIRST FOODS GROUP, INC. (NASDAQ:CVGW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On April 21, 2017, First Foods Group, Inc. (the Company) entered
into a binding term sheet (the Term Sheet) with Oded Brenner
(Brenner). to the Term Sheet, the Company and Brenner will form
an entity that will own the intellectual property rights to
“Blue Stripes-Cacao Shop” (the “IP Entity”), for the United
States. Each party will own 50% of the IP Entity. Additionally,
the Company and Brenner will form a new entity (the “Operating
Entity”), of which, the Company shall own 51% and Brenner 49%,
which will be granted the unlimited and exclusive license, at no
cost, from the IP Entity, to open company-owned and franchise
locations under the “Blue Stripe-Cacao Shop” marks and to sell
products under the “Blue Stripe” marks (the “Brand”), both at
retail and via the internet. to the Term Sheet, the IP Entity
will control and supervise the Brand and its menu, design, and
any aspect of the roll-out of the Brand, nationally. Brenner
shall have control over the creative process, branding, brand
image, menu, design of prototypes and in laying the groundwork
for the license agreement under which the Operating Entity will
operate the coffee houses. to the Term Sheet, the Operating
Entity will have control over the development of the Brand, the
franchise activities, and other growth aspects of the Brand. The
Company shall have the right to invest up to $1,250,000 in
Brenner’s Blue Stripes International company which owns the
international rights to the Brand, and in exchange, the Company
will receive 10% of the Blue Stripes international rights and
development rights, outside the United States. If the Company
elects to invest $1,750,000, it will receive 15%. to the Term
Sheet, the funds invested by the Company shall also be allocated
to building two prototype locations, in the New York metro area,
one in New York City and the other in suburb of New York City.
Brenner shall be paid an annual salary of $150,000 for developing
the Brand identity and for creating the menu for the franchise
operations. The Company has 120 days from the date of the Term
Sheet to raise a minimum of $1,250,000. The Company shall also
use its best efforts to negotiate a three year employment
agreement with Brenner, who would then commit to work full-time
for the Company and its subsidiaries/affiliates.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits.
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10.1 |
Binding Term Sheet, dated April 21, 2017, by and between |
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2 |
About FIRST FOODS GROUP, INC. (NASDAQ:CVGW)
Calavo Growers, Inc. operates in the avocado industry. The Company provides value-added fresh food. The Company distributes its products both domestically and internationally and internationally. It operates in three business segments: Fresh products, Calavo Foods and Renaissance Food Group, LLC (RFG). The Company is engaged in marketing and distributing avocados, prepared avocados and other perishable foods, which allows it to deliver an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants on a worldwide basis. The Company procures avocados principally from California and Mexico. Through its various operating facilities, the Company sorts, packs, and/or ripens avocados, tomatoes and/or Hawaiian grown papayas; processes and packages fresh cut fruit and vegetables, salads, wraps, sandwiches, fresh snacking products and a range of behind-the-glass deli items, and produces and packages guacamole and salsa. FIRST FOODS GROUP, INC. (NASDAQ:CVGW) Recent Trading Information
FIRST FOODS GROUP, INC. (NASDAQ:CVGW) closed its last trading session 00.00 at 64.95 with 144,396 shares trading hands.