REAC GROUP, INC. (OTCMKTS:REAC) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
On April 21, 2017, REAC Group, Inc. (the Company) cancelled and
terminated the Asset Purchase Agreement (APA) with Patriot
Bioenergy Corporation, a Kentucky corporation (Patriot), that was
originally executed on January 4, 2017. REAC terminated the APA
due to Patriots refusal to provide any financial information to
the Company necessary to prepare the financial statements and pro
forma financial information required of a reporting company.
The officers and directors of Patriot remain as employees of REAC
Group, Inc.
Section 2Financial Information
Item 2.01. Completion of Acquisition or Disposition of
Assets
As stated in Item 1.01 above, the Company cancelled and
terminated the APA, thereby returning all the assets of Patriot
(the Assets) to Patriot. The assets included all of Patriots
stock; machinery and equipment used in the hemp business;
inventory; the real property and leases of real property;
customer, supplier and distributor lists; accounts receivable;
licenses; and goodwill.
The 50,000 shares of Company common stock used to acquire the
Assets were not returned and remain with Patriot.
Section 9Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
a.
Exhibits
|
NUMBER |
EXHIBIT |
|
10.1 |
Terminated and Cancelled Agreement |
About REAC GROUP, INC. (OTCMKTS:REAC)
REAC Group, Inc., formerly Real Estate Contacts, Inc., incorporated on March 10, 2005, is engaged in the ownership and operation of a real estate advertising portal Website. The Company provides an online real estate search portal that consists of an advertising and marketing platform for real estate professionals. It also operates an online national real estate search Web portal. The Company provides a service that enables real estate professionals to capture, cultivate and convert leads, which caters to home buyers and sellers from its real estate search engine Website, (www.realestatecontacts.com). RealEstateContacts.com serves as an Internet portal that features a real estate search engine and a media network that directs consumers to receive detailed information about current listings, homes for sale, commercial properties, mortgages and foreclosures. REAC GROUP, INC. (OTCMKTS:REAC) Recent Trading Information
REAC GROUP, INC. (OTCMKTS:REAC) closed its last trading session down -0.0010 at 0.0690 with 200,100 shares trading hands.
