QUEST SOLUTION, INC. (OTCMKTS:QUES) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On April 7, 2017, with an effective date of March 31, 2017, the
Company, Quest Exchange Ltd., and Quest Marketing, Inc., and
their subsidiaries and/or affiliates (collectively, the Quest
Parties), and ScanSource, Inc. and/or its subsidiaries and
affiliates (ScanSource), entered into a second amendment (the
Second Amendment) to that certain Secured Promissory Note, dated
July 1, 2016, in the original principal amount of $12,492,136.51
(the Note) and amended on November 30, 2016 (the Amendment). The
Second Amendment extends the maturity date of the Note from March
31, 2017 to September 30, 2017. The Second Amendment provides
that the monthly installments of principal and accrued interest
in a minimum principal amount will remain at $400,000 each, with
any remaining principal and accrued interest due and payable on
September 30, 2017. The interest rate of the Note remains at 12%
per annum.
The foregoing description of the terms of the Amendment is not
complete and is qualified in its entirety by reference to the
full text of the Amendment, which is filed as Exhibit 4.1 to this
Current Report on Form 8-K and is incorporated by reference
herein.
In connection with the Second Amendment, ScanSource fully
released and discharged the letter of credit in the amount of
$400,000 that was provided by George Zicman, the Companys Vice
President of Sales on November 30, 2016 in connection with the
Amendment.
The Quest Parties and ScanSource also entered into an amendment
to a trade credit extension letter, to which ScanSource may
extend trade credit to the Quest Parties in the amount of
$17,000,000. The amendment to the trade credit extension letter
contains a financial covenant providing that the Quest Parties
may not incur any liabilities in excess of $45 million in the
aggregate as well as the confirmation that the letter of credit
provided by George Zicman is cancelled.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number | Description | |
| 4.1 |
Second Amendment to Secured Promissory Note, by and among Quest Solution, Inc., Quest Marketing, Inc., Quest Exchange Ltd. and their subsidiaries and/or affiliates and ScanSource, Inc. and/or its subsidiaries and affiliates |
About QUEST SOLUTION, INC. (OTCMKTS:QUES)
Quest Solution, Inc., formerly Amerigo Energy, Inc., is a national mobility systems integrator. The Company focuses on the design, delivery, deployment and support of integrated mobile solutions. It offers end-to-end solutions, which include hardware, software, communications and lifecycle management services. It offers a suite of configurable packaged software solutions, which include Order Entry, DSD and Route, Intelligent Order Entry, ITrack, Warehouse, Proof of Delivery, WTMiP and Easy Order. In addition, it guides companies through the development and deployment process, from selecting technology to the company-wide rollout of a customized solution that fits a company’s requirements. It performs a technical evaluation of the client’s operations and specific operational problems, and then determines the optimal hardware and software solutions. It delivers ongoing services provided throughout the deployment process and product life cycle. It also delivers installation services. QUEST SOLUTION, INC. (OTCMKTS:QUES) Recent Trading Information
QUEST SOLUTION, INC. (OTCMKTS:QUES) closed its last trading session 00.0000 at 0.0930 with 600 shares trading hands.