MEDCAREERS GROUP, INC. (OTCMKTS:MCGI) Files An 8-K Completion of Acquisition or Disposition of Assets
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
On December 12, 2018, the Board of Directors of MEDCAREERS GROUP, INC., a Nevada corporation (hereinafter called the “Company”), determined that the operations of Nurses Lounge, Inc., a wholly-owned subsidiary of the Company (the “Subsidiary”) did not fit the business model of the Company.
Timothy Armes, the Chief Executive Officer of the Company, various debt holders and Series A Preferred Stockholders indicated a willingness and desire to acquire the Subsidiary from the Company under the following terms and conditions:
| 1. | The Company shall transfer 50% of the ownership of the Subsidiary to the Nurses Lounge Holdings, Inc. (held by various shareholders and debt holders of the Company) effective immediately; |
| 2. | The Buyer shall assume all debt and other obligations associated with the Subsidiary at the time of ownership transfer. |
| 3. | The Buyer shall provide a written indemnification to the Company covering all liabilities associated with the past and future operations of the Subsidiary. |
| 4. | The Buyer shall cancel exactly 322,000 shares of Series A Preferred Stock, 40 million shares of common stock and $533,071 worth of existing debt in the Company; |
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
| Exhibit Number | Description |
| 10.1 | Spinoff Agreement |
MEDCAREERS GROUP, Inc. Exhibit
EX-10 2 ex_10-1.htm SPINOFF AGREEMENT Exhibit 10.1 SPIN-OFF AGREEMENT This SPIN-OFF AGREEMENT,…
To view the full exhibit click here
About MEDCAREERS GROUP, INC. (OTCMKTS:MCGI)
MedCareers Group, Inc. operates a Website for nurses, nursing schools and nurses organizations. The Company’s focus is to develop and build its subsidiary, Nurses Lounge, Inc. (Nurses Lounge), as an online professional network and communication resource for nurses and stakeholder organizations, such as nursing schools, associations and employers. NursesLounge.com is a nursing Internet portal and nursing job board. Nurses Lounge provides the tools and resources that allow organizations a way to communicate directly to their audience and the nursing profession. When a nurse joins they can create an online professional profile and invite colleagues to join their online professional network. The 2.0 version of Nurses Lounge has an Interactive Lounge for over 600 schools that offer a Bachelor of Science in Nursing, over 1,000 nursing schools that offer an Associate Degree in Nursing, approximately 6,000 medical facilities, as well as interactive lounges for over 100 nurse specialties.
