FLITWAYS TECHNOLOGY, INC. (OTCMKTS:FTWS) Files An 8-K Bankruptcy or Receivership
Item 1.03 Bankruptcy or Receivership
The Company has formally entered into the Chapter 11 reorganization. The Company has retained the law firm of Chad van Horm , in Fort Lauderdale, Florida.
The Company has arranged certain pre-arranged Chapter 11 financing to allow the Company to emerge post Chapter 11 with a viable new business model.
The current preferred shareholder, Mina Mar Group, has assigned 33.3 % of its controlling interest to Intersection Capital LLC in exchange for a one-time cash payment of $75,000 with an outlook to acquire the remaining 66.7% of the preferred shares in concert with the Company’s successful exit from the Chapter 11 bankruptcy protection and other non related matters.
The Company has commenced with certain legal and accounting procedural steps to return to being an SEC reporting entity.
Item 5.02 Departure of Directors or Certain Officers
On October 28, 2020, Daniel Sobolewski resigned as CEO and any other positions held with Flitways Technology Inc. Miro Zecevic will serve as the interim management.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 – Resignation Letter of Daniel Sobolewski
Flitways Technology Inc. Exhibit
EX-99.1 2 flit_ex9901.htm RESIGNATION LETTER OF DANIEL SOBOLEWSKI Exhibit 99.1 October 28,…
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About FLITWAYS TECHNOLOGY, INC. (OTCMKTS:FTWS)
FlitWays Technology, Inc., formerly Cataca Resources, Inc., is a travel technology company. The Company allows travelers to search and schedule the mode of mobility, and helps drivers utilize their equity. The Company offers pre-booked and on-demand ground transportation, including rideshares, taxis, black cars and airport shuttles. The Company offers global ground transportation solution. The Company connects airlines, online travel agents and travel distributors with over 400 airports with a fleet of approximately 15,000 vehicles. The Company provides security for both business and private travelers with secure booking. The FlitWays online booking engine and application allows travelers to choose and pre-book a preferred ride from a range of vehicles, such as taxi, executive cars, airports shuttles and transfers. The Company caters to approximately 170 cities globally, including North America, South America, Europe and Asia.