JUBILANT FLAME INTERNATIONAL LTD. (OTCMKTS:JFIL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 15, 2019, Mr. Marino Papazoglou, was appointed as new director by the company’s Board of Directors, effective immediately. Mr. Papazoglou will be paid stock compensation base on business progress. Mr. Papazoglou was granted 50,000 shares of restricted common stock per year for three years as stock compensation at the time of his appointment. The restricted stock has a value of $0.036 per share based on stock market price at stock grant date.
On January 15, 2019, Mr. Brian Cheng was appointed as new directors by the company’s Board of Directors, effective immediately. Mr. Brian Cheng will be paid stock compensation base on business progress. Mr. Cheng was granted 100,000 shares of restricted common stock per year for three years as stock compensation at the time of his appointment. The restricted stock has a value of $0.036 per share based on stock market price at stock grant date.
On January 15, 2019, the company renewed agreement with its three existing officers/directors. The company will differ salary compensation to the three officers/ directors until the company has significantly expanded its operation. At the time of agreement, the company granted the CEO, Ms. Li Yan, 200,000 shares of restricted common stock per year for three years. The company granted the CFO, Mr. Lei Wang, 100,000 shares of restricted common stock per year for three years and granted the Secretary/Treasurer, Mr. Kecheng Xu, 50,000 shares of restricted common stock per year for three years as stock compensation. The restricted compensation stock has a value of $0.036 per share based on stock market price at stock grant date.
Item 3.02. Unregistered Sales of Equity Securities.
On January 15, 2019, Mr. Marino Papazoglou was granted 50,000 restricted stock per year for three years upon his appointment as new director of the board.
On January 15, 2019, Mr. Mr. Brian Cheng was granted 100,000 restricted stock per year for three years upon his appointment as new director of the board.
On January 15, 2019, Ms. Li Yan, was granted 200,000 restricted stock per year for three years upon new compensation agreement.
On January 15, 2019, Mr. Lei Wang, was granted 100,000 restricted stock per year for three years based on new compensation agreement.
On January 15, 2019, Mr. Kecheng Xu, was granted 50,000 restricted stock per year for three years based on new compensation agreement.
The shares of common stock described above were not registered under the Securities Act of 1933 and are restricted securities. The shares were issued to the registration exemption afforded the company under Section 4(2) of the Securities Act. Each of Messrs. Wang and Xu acquired these shares for their own account. The certificates representing these shares will bear a restricted legend providing that they cannot be sold except to an effective registration statement or an exemption from registration.
About JUBILANT FLAME INTERNATIONAL LTD. (OTCMKTS:JFIL)
Jubilant Flame International, LTD., formerly Jiu Feng Investment Hong Kong, LTD., develops and markets medical products under license from BioMark. The Company’s marketed products include Bone-Induction Artificial Bone (BIAB) products and Vacuum Sealing Drainage (VSD) products. The Company is also licensed to conduct research and development of BioMark’s cancer detection scanning technology. Its products include VSD 1, VSD 2, VSD 3, VSD 4, VSD 5, VSD 6, Bone induction Artificial bone A1, Artificial bone A1, Bone induction Artificial bone A2, Artificial bone A2, Bone induction Artificial bone A3, Artificial bone A3, Bone induction Artificial bone A4, Artificial bone A4, Xishu Qing, Microcyn Skin and Wound Hydrogel, Incision protection sleeve and Kangfu Shengyuan. Its BIAB is a bionic porous repairing bone material, which is made of calcium phosphate. The Company’s VSD is made of polyvinyl alcohol aqueous gelatin foam: a three-dimensional porous structure, which is non ciliated.
