MOMENTOUS ENTERTAINMENT GROUP, INC. (OTCMKTS:MMEG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
Extension of a Material Definitive Agreement.
On December 30, 2016, Momentous Entertainment Group, Inc., a
Nevada company (the Company or MEG), entered into an extension
agreement with VZ Network Holdings, Inc. extending the closing
date of the Share Exchange Agreement described in a Letter of
Intent originally executed on November 25, 2016 to a date on or
before February 28, 2017. A copy of the letter agreement
extending the signing deadline for the Share Purchase Agreement
of VZ Network Holdings, Inc. is attached as Exhibit 2.1 hereto
and incorporated herein by this reference.
Overview of Transactions
On November 25, 2016, VZ Network Holdings, Inc., including its
wholly-owned subsidiaries Poolworks Limited (VZ), together with
MEG executed a Letter of Intent (the LOI) covering MEGs intent to
purchase VZ. to the terms of the LOI, MEG would execute a Share
Exchange Agreement with VZ purchasing all the issued and
outstanding shares of VZ for newly-issued preferred stock of MEG
with a closing date agreed upon for January 2, 2017. If the Share
Exchange Agreement is executed, VZ would become a wholly-owned
subsidiary of MEG.
On November 29, 2016, the Company issued a press release
announcing the signing of the LOI describing MEGs intent to
acquire VZ. A copy of the press release is attached as Exhibit
99.7
Extension of Transaction
On December 30, 2016, VZ, including its wholly-owned subsidiary
Poolworks Limited, and MEG, executed an Extension Agreement to
extend the closing date of the Share Exchange Agreement to a date
on or before February 28. 2017. The Extension provides time for
VZ to negotiate with certain VZ significant creditors to reach a
credit solution on certain outstanding debt that is acceptable to
all parties involved, including MEG. MEG cannot guarantee that
the negotiations will result in an outcome that is acceptable to
all parties. In the event that VZ is unable to reach agreeable
solutions, MEG will be unable to close the acquisition of VZ
Network Holdings
Item 8.01.
Other Events.
On January 3, 2017, the Company issued a press release announcing
the extension of the closing date of Acquisition Agreement
described in the LOI. A copy of the press release is attached as
Exhibit 99.8
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description of Exhibit |
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2.1 |
Letter of Intent, dated November 25, 2016, by and among the |
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2.2 |
Extension agreement letter, dated December 30, 2016, by and |
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|
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99.7 |
Press Release |
|
99.8 |
Press Release |
About MOMENTOUS ENTERTAINMENT GROUP, INC. (OTCMKTS:MMEG)
Momentous Entertainment Group, Inc. (MMEG) is a media company. The Company intends to operate in four segments of the media industry. These segments include content, distribution, live events and direct marketing. The content segment has a recording division, and a film and television division. The distribution segment will focus on the distribution of MMEG content through cable, radio, television and streaming distribution outlets. The live entertainment segment will focus on highlighting MMEG contracted artists, their content and the creation of additional content that cost has been cover by the consumers. The marketing segment will directly sell MMEG intellectual property to consumers. The recording division offers an album to the faith market entitled the Greatest Story Ever Sung with music from Susan Olmon and the late Roger Clark, and narration of the story of the life of Jesus by Stephen Baldwin. It intends to sponsor live concerts and other musical events. MOMENTOUS ENTERTAINMENT GROUP, INC. (OTCMKTS:MMEG) Recent Trading Information
MOMENTOUS ENTERTAINMENT GROUP, INC. (OTCMKTS:MMEG) closed its last trading session down -0.00140 at 0.00150 with shares trading hands.