OMNITEK ENGINEERING CORP (OTCMKTS:OMTK) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 – Unregistered Sales of Equity Securities
On January 16, 2019, the Company granted to each of Werner Funk, President and CEO, and Richard Miller, Chief Financial Officer, a non-qualified stock option to purchase 50,000 shares of common stock, at an exercise price of $0.099 representing 110% of the closing price of the Company’s common stock as of January 16, 2019. Such Options shall be exercisable for a period of seven years.The Option shall vest and be exercisable immediately.No underwriters were used. The securities were issued to an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. The individuals receiving the options were intimately acquainted with the Company’s business plan and proposed activities at the time of issuance, and possessed information on the Company necessary to make an informed investment decision.
Also on January 16, 2019, the Company granted to each of John M. Palumbo, Gary S. Maier and George G. Chachas, the three outside directors, a non-qualified stock option to purchase 50,000 shares of the Company’s common stock at an exercise price of $0.09 per share representing 50% of the closing price of the Company’s common stock as of January 16, 2019. Such Options shall be exercisable for a period of seven years.The Option shall vest and be exercisable immediately.No underwriters were used. The securities were issued to an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. The individuals receiving the options were intimately acquainted with the Company’s business plan and proposed activities at the time of issuance, and possessed information on the Company necessary to make an informed investment decision.
About OMNITEK ENGINEERING CORP (OTCMKTS:OMTK)
Omnitek Engineering Corp. (Omnitek) develops and sells diesel-to-natural gas engine conversion systems and complementary products, including new natural gas engines that utilize the Company’s technology. Omnitek products are available for stationary applications (generator sets), the global transportation industry, which includes light commercial vehicles, minibuses, heavy-duty trucks, municipal buses, as well as rail and marine applications. The technology can be used for compressed natural gas, liquefied natural gas or Biogas. Omnitek has developed a system that can be used to convert diesel engines to be able to operate using natural gas. Omnitek offers approximately four primary product lines, which include a conversion kit for converting rich-burn natural gas engines to lean-burn; a conversion kit for converting diesel engines to run on natural gas; new complete natural gas engines, and natural gas components. It operates over 25,000 square feet of industrial space.
