I-WELLNESS MARKETING GROUP INC. (OTCMKTS:IWMG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 9, 2017, the Company entered into a Settlement Agreement
with the former shareholders of its subsidiary, The Spud Shack
Fry Company Ltd., a British Columbia Company (Spud Shack). Under
the Agreement, the Company is required to return all of the
issued and outstanding shares of Spud Shack to the former Spud
Shack shareholders in return for the return to the Company for
cancellation of 90,000,000 shares of common stock of the Company
which shares were originally issued in order to acquire Spud
Shack. The reason this transaction was deemed necessary was that
the liquor regulatory authorities of British Columbia would
otherwise have required background checks for each and every
shareholder of the Company, a requirement that is impracticable
to comply with given the fact that the Company is a public
corporation with shares that trade in the over-the-counter
market. Under the Agreement, the Company will remain indebted to
Timothy J. Ferguson, one of the former Spud Shack shareholders
and also the president and CEO of the Company, for $51,591.66
that was advanced by Mr. Ferguson to the Company. This
indebtedness is due June 15, 2017 and will bear interest at the
Canadian chartered banks prime commercial lending rate plus 5%
per annum.
Item 2.01 Completion of Acquisition or Disposition of
Assets.
On June 9, 2017, the Company completed its divestiture of Spud
Shack to its Agreement dated June 9, 2017 with the former Spud
Shack shareholders. 90,000,000 shares of the Companys common
stock have been returned to the Company, which will promptly be
submitted to the Companys stock transfer agent for cancellation.
The Company is no longer in the restaurant business but is still
engaged in the business of marketing health and wellness
monitoring equipment.
Item 9.01 Financial Statements and Exhibits
(a) Exhibits
|
Exhibit No. |
Description |
|
10.1 |
Settlement Agreement by and among the Company and the |
About I-WELLNESS MARKETING GROUP INC. (OTCMKTS:IWMG)
I-Wellness Marketing Group Inc., formerly Monarchy Ventures Inc., owns marketing rights to a health and wellness applications. The Company is engaged in the development of applications for iPhone, Android, tablets and desktop computers. The Company’s application, 60K, provides a daily health and wellness guide to assist users in doubling their lifespan from the usual 30,000 days (82 years) to 60,000 days. The Company’s software application is in its early-stages of development.