SERVICE TEAM INC. (OTCMKTS:SVTE) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On November 10, 2017, Service Team Inc (the "Registrant") executed a 12% Convertible Promissory Note payable to an institutional investor (the "Investor") in the principal amount of $115,000 (the "Note"). The Note, which is due on November 10, 2018 (the "Maturity Date"), was funded by the Investor in the sum of $20,000 and $3,000 was retained by the Investor through an original issue discount or "OID" for due diligence and legal expense related to this transaction. The Note is convertible into shares of the Registrant's common stock, par value $0.001 (the "Shares"), at a conversion price of 50% of the lowest trading price of the Company's common stock during the 25 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note.
About SERVICE TEAM INC. (OTCMKTS:SVTE)
Service Team Inc., through its subsidiary Trade Leasing, Inc., is principally involved in the manufacturing, maintenance and repair of truck bodies. The Company operates through two segments: Trade Leasing and Service Products. The Trade Leasing segment is involved in the manufacture and repair of truck bodies. The Service Products segment specializes in electronics service, repair and sales. The Company manufactures truck bodies that are attached to a truck chassis, which consists of an engine, drive train, a frame with wheels, and in some cases, a cab. The Company is also involved in other products used by the trucking industry. The Company operates a manufacturing and repair facility in South Gate, California. As of August 31, 2016, the facility manufactured both custom and standard production truck bodies in approximately 70 different models designed to fill the specialized demands of the user. The Company installs various types of cooling systems in the trucks.
