Precious Investments, Inc. (OTCMKTS:PNIK) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
As previously reported, on December 5, 2016, we entered into an
Asset Purchase Agreement (the Purchase Agreement) with
Cornerstone United Capital, LLC (Cornerstone). to the Purchase
Agreement, we were to acquire from Cornerstone colored diamonds
with a wholesale value of $105,000,000 (the Assets).
In consideration for the Assets, we issued to Cornerstone and its
nominees a total of 214,000,000 shares of our common stock. In
addition, Kashif Khan, our prior officer and director, agreed to
transfer his 16,000,000 shares of common stock as part of the
Purchase Agreement in exchange for 9,457,931 shares of our Series
B Preferred Stock.
The Purchase Agreement is made an exhibit to our Form 8-K filed
with the Securities and Exchange Commission on December 12, 2016.
On December 21, 2016, we were informed that Cornerstone could not
fulfill its obligations under the Purchase Agreement. The parties
are in negotiations to structure a different agreement; however,
there can be no assurance that any agreement can be reached.
As a result, Cornerstone and its nominees are required to return
all shares issued under the Purchase Agreement.
SECTION 5. CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
The information provided in Item 1.02 of this Current Report on
Form 8-K is incorporated herein by reference.
On December 22, 2016, Michelle Furnari, James A. Essex and Linda
Stering resigned from all officer positions and as members of our
Board of Directors. Their departure with our company was not the
result of any disagreements with us regarding operations,
policies, accounting practices or otherwise.
Effective December 22, 2016, we have appointed Kashif Khan as our
Chief Executive Officer, Chief Financial Officer, Secretary and
Treasurer and as a member of our board of directors.
The description of Mr. Khans employment history is set forth in
our annual report on Form 10-K for the year ended July 31, 2015
filed with the Securities and Exchange Commission on November 13,
Mr. Khan does not hold and has not held over the past five years
any other directorships in any company with a class of securities
registered to Section 12 of the Exchange Act or subject to the
requirements of Section 15(d) of the Exchange Act or any company
registered as an investment company under the Investment Company
Act of 1940.
There are no family relationships between Mr. Khan and any of our
directors or executive officers.
About Precious Investments, Inc. (OTCMKTS:PNIK)
Precious Investments, Inc. is engaged in the business of purchasing and selling colored diamonds. The Company focuses on managing a portfolio of rare colored diamonds. The Company focuses on manufacturing and wholesaling of fine jewelry. The Company also focuses on wholesaling of fine pre-owned vintage watches and buying of jewelry, watches and diamonds. The Company was an exploration-stage company with the principle business being the acquisition and exploration of resource properties. As of April 30, 2016, the Company had not generated any revenue. Precious Investments, Inc. (OTCMKTS:PNIK) Recent Trading Information
Precious Investments, Inc. (OTCMKTS:PNIK) closed its last trading session up +0.50 at 1.61 with 221 shares trading hands.