OMNITEK ENGINEERING CORP (OTCMKTS:OMTK) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 – Unregistered Sales of Equity Securities
On July 7, 2018, the Company issued 139,320 restricted shares of Common Stock to John Palumbo a Director of the Company, upon the conversion of $15,798.90, constituting unpaid principal of $15,000 and accrued interest of $798.90, owing under that certain Promissory Note dated November 7, 2017. The shares were issued at a price of $0.1134 per shares representing 90% of the average five (5) trading days to the terms of the Note. No underwriters were used. The shares were issued to an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. As a Director of the Company, Mr. Palumbo was familiar with the Company’s business, financial condition and possessed the necessary information 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.