NEW ASIA ENERGY, INC. (OTCMKTS:NAEI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
entered into a Release Agreement (the “Agreement”) with Lin
Kok Peng (“Peng”), Allister Lim Wee Sing (“Sing”) and Jose
A. Capote (“Capote”), collectively, the “Released Parties”
and each individually a “Released Party”). to the Agreement,
the Company released the Released Parties from and against any
and all claims that the Company many have against any such
persons related to the actions or inactions of such persons as
an officer or director of the Company or a party related
thereto.
Directors of the Company (the “Board”).
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
the size of the Board from two persons to four persons, and, to
the authority granted to the Board in the Company’s Bylaws, to
name Mr. Veng Kun Lun and Mr. Poh Kee Liew to fill the newly
created vacancies. Mr. Veng Kun Lun was also named to be the
Chief Executive Officer and Secretary of the Company, and Mr.
Poh Kee Liew was named as Chief Financial Officer of the
Company.
Administrative. Prior to joining the Company, he was Sales
Manager of Jardine Office Solution, Macau and founder and
director of All-In-One Officer Solution Co Ltd, a company which
he has run since 2000. He has more than 25 years’ experience
in the marketing and sales industry. He also was the founder
and president of Green Environment Protection Association of
Macau. In 2015, he was invited to be the Advisor of Overseas
Chinese Federation of Fangchengang Baise City in Guanxi, China.
Design from the PJ College Art and Design, Malaysia in 1995.
Before joining the Company, he was the Business Development
Director of AD Channel Creative, a Malaysian sole
proprietorship company, since 2008. He has more than 20 years
of experience in marketing materials graphic design, power
point presentations and internet social media platform
development as well as internal financial management. Mr. Liew
will use his intensive financial and public relations
management experience to lead the Company in the future,
particularly in formulation of financial strategy of the
Company.
December 19th, 2016, the Company’s Directors, Lin Kok Peng,
PhD, Chairman of the Board, and the Company’s Chief Executive
Officer and Chief Financial Officer, and Allister Lim Wee Sing,
a Director of the Company, resigned from the Board and from
their positions as officers of the Company. On the same date,
Jose Capote resigned as the Secretary of the Company. None of
the resignations was the result of any disagreement with the
Company known to an executive officer of the Company on any
matter relating to the Company’s operations, policies or
practices.
Allister Lim Wee Sing, on December 12th, 2016, the Board
adopted resolutions to reduce the size of the Board from four
persons to two persons.
with the Company. There are no arrangements or understanding
between the new directors and any other persons, to which such
director was selected as a director. The new directors do not
currently serve on any committees of the Board.
since the beginning of the last fiscal year or any currently
proposed transaction, in which the Company was or is to be a
participant and the amount involved exceeds $120,000, and in
which any new directors had or will have a direct or indirect
material interest.
contracts or arrangements (whether or not written) between the
Company and any of the persons discussed above.
| 10.1 |
Release Agreement, dated as of December 19th 2016, by and
between New Asia Energy, Inc., Lin Kok Peng, Allister Lim Wee Sing and Jose A. Capote. |
About NEW ASIA ENERGY, INC. (OTCMKTS:NAEI)
New Asia Energy, Inc., formerly High Desert Assets, Inc., is focused on the development of pure play renewable/alternative/distributed energy technology solutions and wastes to resources and energy platforms. The Company’s business model incorporates approximately two synergistic and mutually aligned approaches, including commercialization and deployment of technologies and project development. The Company’s commercialization and deployment of technologies approach include advanced battery and energy storage solutions, advanced solar technologies and wastes to biofuels. Its project development approach is to provide recurring revenue streams through the integration of technologies, (those owned by the Company and others brought by licensing/contractual arrangements) to undertake projects under build-own-operate (BOO), build-own-operate and transfer (BOOT) and joint venture contractual arrangements. The Company has not generated any revenues. NEW ASIA ENERGY, INC. (OTCMKTS:NAEI) Recent Trading Information
NEW ASIA ENERGY, INC. (OTCMKTS:NAEI) closed its last trading session up +0.00590 at 0.00900 with 110,677 shares trading hands.
