INSYNERGY PRODUCTS, INC. (OTCMKTS:ISYG) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 Unregistered Sales of Equity Securities
On August 25, 2017 a majority of the board of directors of Insynergy Products, Inc. (“Company”) authorized the issuance of 36,263,534 shares of the Company’s common stock to our President, Ross Sklar, in consideration for his forfeiture of warrants to purchase 35,000,000 shares of the Company’s common stock at an exercise price of $0.23 ($8,050,000). All shares were privately issued with a restrictive legend in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.01 Changes in Control of Registrant
After the shares are issued to Mr. Sklar, he will beneficially own 50% of the Company’s 72,527,068 issued and outstanding common shares. Mr. Sklar agreed to forfeit the 35,000,000 warrants to purchase the Company’s common stock in exchange for 36,263,534 shares of common stock. The warrants were granted to a Binding Letter of Intent, dated August 13, 2015, whereby the Company acquired the License to a series of products in the following categories: Consumer Foods, Personal Care/Cosmetics, Personal Care-OTC/FDA, Household Cleaning and Laundry, Hardware/DIY, Automotive, Pet Care, Seasonal and Ares and Crafts.
In addition, as a member of the board and due to Mr. Sklar’s personal interest in this matter, he abstained from voting on the matter.
About INSYNERGY PRODUCTS, INC. (OTCMKTS:ISYG)
Insynergy Products, Inc. is engaged in direct response marketing. The Company selects products invented by others for use in a Direct Response Marketing Program, but also develops its own products for sale as well. The Company markets health and fitness products, skin, hair and personal care products, nutritional supplements, house wares and appliances. It also markets anti-aging products. It is focused on marketing Plumber’s Hero, a product that clears normal clogs in the shower, tub, kitchen sink, bathroom sink and toilet. The Company’s Plumber’s Hero kit comes with a canister containing over 20 applications of the Plumber’s Hero formula, a large and a small rubber drain cover to work on kitchen sinks, including double sinks with a disposal, bathroom, shower and tub drains, as well as an extension handle for use in the toilet. The Company writes, produces, hires the talent, directs, shoots and edits many of its infomercials in-house. INSYNERGY PRODUCTS, INC. (OTCMKTS:ISYG) Recent Trading Information
INSYNERGY PRODUCTS, INC. (OTCMKTS:ISYG) closed its last trading session 00.000 at 0.120 with shares trading hands.