MOMENTOUS ENTERTAINMENT GROUP, INC. (OTCMKTS:MMEG) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
On February 28, 2017, the Company issued a press release
announcing that MEG has executed a Letter of Intent to purchase
the business assets of Neurofuse on February 27, 2017. A copy of
which is attached as Exhibit 99.12.
8.01 Other Events
The Company has entered into a letter of intent to acquire all
the assets which are currently being used in the operation of the
business of Neurofuse, a line of products sold through an
ecommerce website which operates as Neurofuse.com. This line of
products will include all satellite assets including websites,
merchant accounts, inventory, customer service, fulfillment
relationships and prior sales history including customer
databases.
The purchase price set forth in the letter of intent is $500,000
with $225,000 payable in cash and the remaining $275,000 balance
financed with a note payable in 48 equal monthly payments at an
interest rate of 6% per annum. A second note will be executed for
$24,000 payable in six equal monthly installments at an interest
rate of 6% per annum to pay for existing on hand inventory. The
cash portion of the payment is likely to be financed from the
issuance of a convertible note to an investor.
The parties seek to close the transaction by April 3, 2017. We
cannot provide assurances that the closing will take place as of
that date.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits.
|
Exhibit No. |
Description of Exhibit |
|
10.8 |
Letter of Intent |
|
99.12 |
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 -0.00040 at 0.00160 with shares trading hands.