ON THE MOVE SYSTEMS CORP. (OTCMKTS:OMVS) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On May 11, 2017, On the Move Systems Corp. (the Registrant or
Company) announced that, effective May 10, 2017, it entered into
a Binding Letter of Intent (Binding LOI) with Robotic Assistance
Devices LLC, a limited liability corporation duly formed under
the laws of the State of Wyoming, (RAD) (collectively the
Parties), setting forth the principal terms to which the Company
will acquire all of the ownership and equity interest in RAD (RAD
Equity), which RAD Equity is held by RADs sole director,
shareholder and CEO, Steve Reinharz (SR) (the Transaction).
The Binding LOI sets forth the terms of the Transaction as
(i)In consideration for the whole of the RAD Equity, OMVS shall
issue to SR:
(a)3,350,000 shares of Series E Preferred Stock; and
(b)2,450 shares of Series F Preferred Stock;
(ii)Subject to OMVS declaring itself satisfied with its due
diligence of RAD within 60 days of the execution of this Binding
LOI, the Parties agree to enter into definitive agreements for
the consummation and closing of the Transaction within 90 days of
the execution of this Binding LOI.
The above description of the Binding LOI is filed as Exhibit 10.1
hereto and is incorporated in its entirety herein by this
ITEM 3.03 MATERIAL MODIFICATION TO RIGHTS OF SECURITY
On May 3 2017, the Company, after having obtained requisite
shareholder approval, filed amendments to its Certificate of
Designation with the Secretary of State of Nevada increased the
authorized share capital and modified certain rights and
preferences of its Series E Preferred Stock (Series E) and of its
Series F Preferred Stock (Series F) respectively.
The above description of the amendment to the Companys
Certificates of Designation is filed as Exhibit 3.1 hereto and is
incorporated herein in its entirety by this reference.
ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR
BYLAWS; CHANGE IN FISCAL YEAR.
To the extent required by Item5.03 of Form 8-K, the information
provided in response to Item 3.03 of this report is incorporated
by reference into this Item 5.03.
ITEM 8.01 OTHER EVENTS.
OnMay 11, 2017, the Company issued a press release announcing the
execution of the Binding Letter of Intent, which is filed as an
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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Certificate of Amendment to Certificate of Designation
Binding Letter of Intent, dated May 11, 2017 by and between
Press release dated May 11, 2017, of On the Move Systems
ON THE MOVE SYSTEMS CORP. (OTCMKTS:OMVS) Recent Trading Information
ON THE MOVE SYSTEMS CORP. (OTCMKTS:OMVS) closed its last trading session down -0.0029 at 0.0470 with 3,516,204 shares trading hands.