OWC PHARMACEUTICAL RESEARCH CORP. (OTCMKTS:OWCP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry Into A Material Definitive Agreement.
On November 22, 2016, OWC Pharmaceutical Research Corp. (the "Registrant") filed a Form 8-K reporting that it had entered into a Reg S Unit Subscription Agreement with Michepro Holding Ltd (“Michepro”), organized under the laws of Cyprus (the "Investor"), to which the Investor subscribed for and purchased the Registrant’s securities for cash consideration of $300,000.
In connection with the Reg S Subscription Agreement with Michepro, the Registrant also entered into a Corporate Management Services Agreement, a copy of which is attached as Exhibit 10.19 hereto (“OWC Europe Agreement”), with Sorelenco Limited, organized under the laws of Cyprus (“Consultant”), and an affiliate of Michepro, to which the Consultant agreed to provide management services to a new entity being organized by the Registrant, OWC Europe Marketing Corporation (“OWC Europe”). The Consultant shall provide OWC Europe with services involving the day to day operations of OWC Europe including, but not limited to management, business development, sales and marketing of the products of the Registrant’s wholly-owned Israeli subsidiary, One World Cannabis Ltd and the hiring and training of staff, among other services.
In consideration for services, the Registrant agreed to issue to the Consultant: (i) 1,442,308 restricted shares of the common stock, par value $0.0001 (the “Shares”); (ii) Class M Warrants exercisable for a period of twelve (12) months to purchase 1,250,000 Shares at an exercise price $0.08; (iii) Class G Warrants exercisable for a period of twenty-four (24) months to purchase 448,462 Shares at an exercise price $0.25; and (iv) Class H Warrants exercisable for a period of thirty-six (36) months to purchase 448,462 Shares at an exercise price $0.40.
This initial term of the OWC Europe Agreement shall be for thirty-six (36) months subject to the extension upon the mutual written agreement of the Parties prior to the expiration of the Term.
On December 16, 2016, the Registrant entered into a Consulting Agreement with Jeff Smurlick, a resident of the State of Florida, About OWC PHARMACEUTICAL RESEARCH CORP. (OTCMKTS:OWCP)
OWC Pharmaceutical Research Corp, formerly Dynamic Applications Corp., is an Israel-based company that focuses on developing and marketing an electromagnetic percussion device, which is intended to provide an electromagnetic percussion hammer. OWC PHARMACEUTICAL RESEARCH CORP. (OTCMKTS:OWCP) Recent Trading Information
OWC PHARMACEUTICAL RESEARCH CORP. (OTCMKTS:OWCP) closed its last trading session up +0.030 at 0.154 with 3,065,586 shares trading hands.