MEDPRO SAFETY PRODUCTS, INC. (OTCMKTS:MPSP) Files An 8-K Changes in Control of RegistrantItem 5.01 Changes in Control of Registrant.
On February 13, 2018, the Fayette County, Kentucky, Circuit Court entered a consent judgment against the Registrant, by and through its court-appointed custodian, in which Plaintiffs, William R. Alessi, Jr. and Pure Energy 714, LLC, exchanged their claims against the Registrant in exchange for the issuance of nine million (9,000,000) and forty-five million (45,000,000) shares, respectively, of the Registrant’s common stock. Upon the Plaintiffs’ information and belief, the issuance represents a change of control of the Registrant as the last reported total number of common and preferred shares issued by the Registrant and outstanding was 34,540,478 common, 6,668,229 Series A preferred, 126,415 Series D preferred, and 20,000 Series E Preferred.
The Registrant’s Form 10-Q for the period ending September 30, 2013 reports that each Series D and Series E preferred share is convertible into 16.67 common shares. On a fully converted basis, the Series D and E preferred shares convert into a total of 2,440,738 common shares. Therefore, at the time of the change of control, there were the equivalent of a total of 43,649,445 voting common shares outstanding. With the court-approved settlement of claims and issuance of shares to Plaintiffs, the total number of equivalent voting shares issued and outstanding is 97,649,445 shares of which the Plaintiffs’ combined control is 55.3%.
Plaintiffs, Pure Energy 714, LLC, by and through its sole member Louis Sorrentino, and William R. Alessi, Jr., individually, have an oral agreement to vote their shares together and to appoint Mr. Alessi as a director and officer of the Registrant. Pure Energy 714, LLC, is owned and controlled by Louis Sorrentino.
Mr. Alessi, age 46, is the current CEO of Lone Star Gold, Inc. since February 12, 2018. He was formerly the interim CEO of RMD Entertainment Group, Inc. from April of 2017 through October of 2017, and was the interim CEO of Land Star, Inc. from April of 2017 to December of 2017.
About MEDPRO SAFETY PRODUCTS, INC. (OTCMKTS:MPSP)
MedPro Safety Products Inc, is a healthcare solutions company. It has developed and acquired a portfolio of medical device safety products incorporating automatic and semi-automatic activation syringes. It has helped in reducing healthcare worker needlestick injuries than manually activated devices. The types of syringes offered by the Company are: Vacuette Premium Safety Needle System Tube-Touch, multiple sample needle and safety shield after blood collection; Prefilled Passive Safety Syringe, prefilled cartridge that uses standard pharmaceutical technology and automatic release of safety shield; Prefilled IV Shuttle, compatible with all needle free valves on the market, and MedPro Passive Safety Hypodermic Syringe, automatic release during injection of the drug.