QPAGOS (OTCMKTS:QPAG) Files An 8-K Entry into a Material Definitive AgreementItem 9.01 Entry into a Material Definitive Agreement.
On June 14, 2018, QPAGOS (the “Company”), entered into an agreement to organize and operate a joint venture (the “Agreement”) with Digital Power Lending, LLC (”DPL”), a wholly-owned subsidiary of DPW Holdings, Inc., and Innovative Payment Systems, Inc. (“IPS”). In accordance with the terms of the Agreement, the Company, DPL, and IPS shall form a Delaware limited liability company to be called “Innovative e-Payment Solutions, LLC” for the purpose of conducting an electronic payments business in the State of California by acquiring, deploying, marketing, managing and operating a network of approximately 1,000 self-service kiosks to be purchased from the Company. The Company, DPL, and IPS are expected to enter into an operating agreement of Innovative e-Payment Solutions, LLC and related agreements, on or prior to July 1, 2018 or such other date as may be mutually agreed (the “Closing Date”) whereby such parties will contribute to Innovative e-Payment Solutions, LLC their respective initial capital contributions as set forth therein.
In conjunction therewith, on the Closing Date, DPL and Innovative e-Payment Solutions, LLC expect to enter into a credit facility agreement to which terms and subject to certain conditions set forth therein including subject to DPL ability to obtain financing, DPL shall provide Innovative e-Payment Solutions, LLC long-term financing to purchase and license the Company’s self-service kiosks in an amount equal to the lesser of: (i) the amount to purchase 500 kiosks or (ii) $2,500,000. In addition, on the Closing Date the Company and Innovative e-Payment Solutions, LLC expect to enter into an exclusive supply agreement to which Innovative e-Payment Solutions, LLC shall pay to the Company the amount due for the initial order due thereunder. Unless otherwise agreed to by the parties, the Agreement shall terminate if the parties do not enter into the credit facility agreement and supply agreement prior to July 1, 2018, which is a condition of Closing. The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement filed as an exhibit to this Form 8-K.
Item 9.01 Exhibits and Financial Statements.
(d) Exhibits
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Exhibit No. |
Description |
| 10.1 | Agreement to Organize and Operate a Joint Venture, dated June 14, 2018 |
QPAGOS ExhibitEX-10.1 2 s110866_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 AGREEMENT TO ORGANIZE AND OPERATE A JOINT VENTURE AGREEMENT made as of the 14th day of June,…To view the full exhibit click here
About QPAGOS (OTCMKTS:QPAG)
QPAGOS, formerly Asiya Pearls, Inc. is a provider of physical and virtual payment services in the Mexican Market. The Company provides an integrated network of kiosks, terminals and payment channels that enable consumers to deposit cash, convert it into a digital form and remit the funds to any merchant in its network. The Company’s subsidiary is Qpagos Corporation. Its RG Payment Switch is designed to transfer payments to providers of services. Its RG Kiosk is a platform designed for the collection of payments through self-service kiosks. The Company’s Payment Gateway connects service providers and their clients through Qpagos Corporation’s technology and processing system. Its RG Processing is a platform designed for processing payments collected through various devices and interfaces, such as self-service kiosks, windows (WIN) terminals, Java terminals and extensible markup language (XML) terminals.
