GLOBAL QUEST, LTD. (OTCMKTS:GLBB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On April 12, 2017, Global Quest. Ltd., a Nevada corporation (the
Company), Shim Kyoung Hwa and Shin Dong Hyun
(the Selling Stockholders) and Teller Financial,
LLC, a Colorado limited liability company
(Teller), entered into a Stock Purchase
Agreement, dated April 12, 2017 (the Purchase
Agreement). Mr. Larry J.Sherman has voting and
dispositive control of Teller.
to the Purchase Agreement, Teller purchased an aggregate of seven
million (7,000,000) shares (the Shares), of
common stock, par value $0.001 per share (the Common
Stock), of the Company held by the Selling Stockholders,
representing approximately 69.65% of the issued and outstanding
shares of Common Stock of the Company in consideration for an
aggregate purchase price of $7,700 (the Purchase
Price), evidenced by two secured promissory notes (the
Notes) to the Selling Stockholders, each dated
April 12, 2017 and due on October 12, 2017 ( the Due
Date). Both Notes are non-interest bearing;
provided, however, any unpaid portion of the Notes
outstanding after the Due Date shall bear at the rate of ten
percent (10%) per annum. The obligations under the Notes are
secured by the Shares to a Stock Pledge Agreement, dated April
12, 2017 (the Stock Pledge Agreement), between
Teller and the Selling Stockholders (the
Transaction).
The Purchase Agreement, Note, Stock Pledge Agreement are filed as
exhibits to this Form 8-K and are incorporated by reference
herein.
Item 5.01 Changes in Control of Registrant.
The disclosure under Item 1.01 is incorporated by reference
herein. Upon the consummation of Transaction, there was a change
in control of the Company. Mr. Larry Sherman has voting and
dispositive control of Teller.
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
The disclosure under Item 1.01 of this Form 8-K is incorporated
by reference herein.
Contemporaneously with the consummation of the Transaction, the
Board of Directors of the Company appointed Larry Sherman as a
member of the Board of Directors and as the Chief Executive
Officer, President, Secretary and Treasurer of the Company. The
Selling Stockholders also resigned from all of their positions
with the Company and the Board of Directors
Larry J. Sherman, 57 years old, has been serving as Chief
Executive Officer (CEO) of several companies that he has founded.
In the last five years Mr. Sherman has been serving as CEO of
Creditpoint Financial, Budteller and CarePoint Financial.
Creditpoint Financial, which Mr. Sherman founded in 2017,
provides loans to patients and legal clients in order to pay
their co-pays, deductibles, and for legal clients their legal
bills. In 2016 Mr. Sherman founded Budteller, a company that
provides financial solutions and compliance services to the MMJ
industry. Some of the services include a kiosk for cash
management, credit card processing, banking, factoring and
accounting. In 2006, Mr. Sherman founded CarePoint Financial the
company purchases personal injury and Workers Compensation
receivables from healthcare providers at a discounted rate.
Carepoint has purchased or facilitated the purchased of over $2
billion dollars in face value assets and has deployed almost $300
million dollars. Carepoint currently has a line of credit of over
$250 million and is looking to expand its business to other payor
types.
Item 8.01 Other Events.
On April 12, 2017 Carepoint Nutrients, LLC a wholly owned
subsidiary of the Company, was formed in the state of Colorado to
distribute multiple proprietary lines of Nutrient Supplements to
medical practices, dispensaries and consumers direct. Several
formulas are available to provide relief to patients who suffer
frompain, andsleep disorders. These Nutrient Supplement
productsare distributed under the brand name Anodyne, and will
besold through medical offices, On-line Sales and Dispensaries. .
Patients may purchase these products s directly from their
doctor, dispensaries or on-linecan choose to sign a subscription
agreement for monthly delivery of the product to their home. All
products include proprietary patented pending formulas that
utilizes amino acids and polyphenols along with Cannabinoidsto
provide relief to Pain and Inflammation as well as Sleep
disorders. . No drugs are used in the natural based formula. More
formulas are coming soon.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number: |
Description: |
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10.1 |
Stock Purchase Agreement, dated April 12 2017, by and among |
|
10.2 |
Secured Promissory Note, dated April 12 2017, of Teller |
|
10.3 |
Secured Promissory Note, dated April 12 2017, of Teller |
|
10.4 |
Stock Pledge Agreement, dated April 12 2017, between Teller |
|
10.5 |
Stock Pledge Agreement, dated April 12 2017, between Teller |
About GLOBAL QUEST, LTD. (OTCMKTS:GLBB)
Global Quest Ltd is engaged in marketing, sales via the Internet of online cooking instruction and multi-cultural recipe’s under the website www.homechefinternational.com. The company was founded in January 2015 and is located in Yongin, South Korea.