LEO MOTORS, INC. (OTCMKTS:LEOM) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry Into a Material Definitive Agreement.
On August 1, 2017, Leo Motors, Inc. (the “Company”), entered into a cash investment agreement (the “Investment Agreement”) with Leo Kartrena, Inc., a South Korean corporation (“Leo Kartrena”). The co-CEO of the Company is the CEO of Leo Kartrena. to the Investment Agreement, the Company invested an aggregate of Two Hundred Sixty Million (260,000,000 KRW) South Korean Won (approximately $226,000 USD), or Seven Hundred (700 KRW) South Korean Won (approximately $0.61 USD) per share, to Leo Kartrena in consideration for the issuance of Three Hundred Seventy One Thousand Four Hundred Twenty Eight (371,428) shares of Leo Kartrena’s common stock (the “Investment Shares”). Following the issuance of the Investment Shares, the Company’s equity ownership percentage in Leo Kartrena is 15.66%.
The foregoing description of the Investment Agreement is not complete and is qualified in its entirety by reference to the full text of Exhibit 10.1, which is attached as an exhibit to this Current Report on Form 8-K and is incorporated by reference herein.
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Item 9.01. |
Financial Statements and Exhibits. |
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Exhibit No. |
Description |
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10.1 |
Cash Investment Agreement, dated August 1, 2017, by and between Leo Motors, Inc. and Leo Kartrena, Inc. |
Leo Motors, Inc. ExhibitEX-10.1 2 leom_ex10z1.htm EXHIBIT 10.1 CASH INVESTMENT AGREEMENT CASH INVESTMENT AGREEMENT by and between Leo Motors,…To view the full exhibit click here
About LEO MOTORS, INC. (OTCMKTS:LEOM)
Leo Motors, Inc. is engaged in the development, assembly and sale of the energy storage devices and electric vehicle components. The Company operates through the sale and manufacture of specialized electric vehicle segment. The Company, through its subsidiary, Leo Motors, Co. Ltd., is engaged in the research and development of multiple products, prototypes and conceptualizations. It operates through four unincorporated divisions: new product research and development (R&D), post R&D development, such as product testing, production, and sales. Its products include E-Box electric energy storage system for solar and wind power generation devices, and electric vehicle (EV) components that integrate electric batteries with electric motors, such as EV Controllers that use a mini-computer to control torque drive. It has developed electric power train systems (EPTS) of power rating, including over three Kilowatts, five Kilowatts, 7.5 Kilowatts, 15 Kilowatts, 30 Kilowatts and 60 Kilowatts.