GREENHOUSE SOLUTIONS, INC. (OTCMKTS:GRSU) Files An 8-K Termination of a Material Definitive AgreementItem 9.01 Termination of a Material Definitive Agreement
On August 1, 2017, Greenhouse Solutions, Inc. (the "Company" or "we")and Koios, LLC (together, the “Parties”) terminated the Joint Venture Agreement that was originally entered into on November 5, 2015. Under the agreement, the Parties were to share net profits 50% / 50%, which was to be computed by deducting all manufacturing and direct sales expenses from gross product sales receipts of the Products, and losses, were to be borne by the Parties. The joint venture was to continue as long as marketing of the Products continued on an economically feasible basis. Termination was effectuated by written notice, and is subject to delivery of all paid orders and all accounting to be delivered to the Company.
The Parties will continue to work together to dissolve the joint venture and distribute any remaining assets to the joint venture agreement after final accounting has been completed. No early termination penalties were assessed against the Company.
Item 9.01 Regulation FD Disclosure.
Press Release
The information in this Item 9.01 of this Current Report is furnished to Item 9.01 and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.
On August 1, 2017, the Company issued a press release. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Exhibits.
The following exhibits are filed with this report on Form 8-K.
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Exhibit Number |
Exhibit |
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99.1 |
Press Release Dated August 1, 2017 |
Greenhouse Solutions, Inc. ExhibitEX-99.1 2 grsu_ex991.htm PRESS RELEASE grsu_ex991.htmEXHIBIT 99.1 Joint Press Release: KOIOS LLC and Greenhouse Solutions,…To view the full exhibit click here
About GREENHOUSE SOLUTIONS, INC. (OTCMKTS:GRSU)
Greenhouse Solutions, Inc. is a development-stage company. The Company is a nutraceutical company, which is engaged in the development, marketing, production and sale of hemp oil enhanced products for both personal health use and canine use, in addition to probiotic-based nutraceuticals. It is working with a health supplement developer to produce water-soluble, probiotic infused Phytocannabinoid oils in an ingredient for nutraceutical product manufacturers. The Company is also engaged in the research and development of a probiotic hemp oil- infused cold-brew coffee beverage. The Company intends to produce and sell various products for the wellness marketplace that utilize hemp oil and phytocannabinoids. Together with Koios, LLC, the Company has developed a new addition to its beverage product line called Raspberry Wonder, an infusion of its blend of nootropics with hemp oil. Raspberry Wonder is marketed as a dietary supplement to enhance brain function, boost energy and burn fat.