INTELLIGENT CLOUD RESOURCES, INC. (NYSE:ORCL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On December 13, 2016, Intelligent Cloud Resources, Inc. entered
into a heads of agreement with 2440499 Ontario Inc. to acquire a
perpetual license to provide Leagoo Smart Phones and Fonia All
Access Mobile platform to the territory of Florida. The Fonia All
Access Mobile Inc. is an end-to-end Mobile solution, working
primarily to serve individuals, regardless of their credit score,
through an MVNO (Mobile Virtual Network Operator) Fonia Mobile
(and Fonia Financial). The Fonia All Access Mobile service will
bundle a traditional handset sale with a hybrid phone rate plan
(a mix of prepaid and postpaid plans) and a prepaid MasterCard.
To effect the permanent license in the designated territory,
Intelligent Cloud Resources will attempt to complete a private
placement of $1,000,000 and shall issue 34,000,000 restricted
shares of its common stock to 2440499 Ontario Inc. The permanent
license shall be transferred to Intelligent Cloud Resources upon
completion of the private placement of $1,000,000 of shares of
common stock of Intelligent Cloud Resources. In the event the
private placement is not completed and 2440499 Ontario Inc. is
required to raise the funds in an alternative transaction,
2440499 Ontario Inc. agrees to pay Intelligent Cloud Resources a
good faith fee for its services.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 10.1 |
Heads of Agreement, by and between Intelligent Cloud Resources, Inc. and 2440499 Ontario Inc., dated December 13, 2016. |
About INTELLIGENT CLOUD RESOURCES, INC. (NYSE:ORCL)
Oracle Corporation (Oracle) provides products and services that address all aspects of corporate information technology (IT) environments, including application, platform and infrastructure. The Company’s businesses include cloud and on-premise software, hardware and services. Its cloud and on-premise software business consists of three segments, including cloud software and on-premise software, which includes Software as a Service (SaaS) and Platform as a Service (PaaS) offerings, cloud infrastructure as a service (IaaS) and software license updates and product support. Its hardware business consists of two segments, including hardware products and hardware support. The Company’s services business includes the remainder of the Company’s segments. Its services business includes activities, such as consulting services, enhanced support services and education services, among others. INTELLIGENT CLOUD RESOURCES, INC. (NYSE:ORCL) Recent Trading Information
INTELLIGENT CLOUD RESOURCES, INC. (NYSE:ORCL) closed its last trading session up +0.10 at 39.00 with 14,006,387 shares trading hands.