SHARING SERVICES, INC. (OTCMKTS:SHRV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Effective November 27, 2017, Robert Oblon was elected a Director of Sharing Services, Inc. (the “Company”) by unanimous vote of the holders of all issued and outstanding shares of Class B Common Stock of the Company, which to the Amended and Restated Articles of Incorporation of the Company, are entitled to elect a majority of the members of the Company’s Board of Directors. Mr. Oblon, as the control person of Alchemist Holdings LLC, voted all of its shares of Class B Common Stock in favor of his election to the Board of Directors. Subsequent thereto, also on November 27, 2017, the Board of Directors elected Mr. Oblon as Chairman of the Board of Directors. Mr. Oblon’s term as a Director shall be 3 years, until the Company’s Annual Meeting of Stockholders in 2020.
Robert Oblon – Chairman of the Board
Robert Oblon, age 52, has been the visionary architect and Chief Executive Officer of Alchemist Holdings LLC and Four Oceans Holdings, Inc., which is now a wholly owned subsidiary of the Company, for the past 5 years. Throughout his career spanning more than 20 years, Mr. Oblon has been at the forefront of some of today's leading Marketing companies, such as WorldVentures, Your Success Network, and Travopoly Travel. Throughout his career, Robert’s passion has allowed him to lead both product and company initiatives that empower entrepreneurs to achieve their dreams.
The Company believes that Mr. Oblon’s business and operational experiences give him the qualifications and skills to serve as Chairman of the Board of Directors.
Prior to his election as a Director of the Company, Mr. Oblon and/ or Alchemist Holdings, LLC, an entity controlled by Mr. Oblon, has been involved in certain transactions with the Company during its preceding and current fiscal years as follows:
On May 23, 2017, the Company entered into a Share Exchange Agreement and the shareholders of Total Travel Media, Inc., a Nevada corporation (“TTM”). to the terms of the Agreement, the Company acquired all of the shares of capital stock of TTM from the holders of such stock in exchange for the issuance of Ten Million (10,000,000) newly-issued shares of the Company’s Common Class B Stock, par value $0.0001 per share (the “Common Class B Stock”) and (ii) Ten Million (10,000,000) newly-issued shares of the Company’s Series B Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”). As a shareholder of TTM, Alchemist received 7,500,000 shares of Common Class B Stock and 7,500,000 shares of Series B Preferred Stock. For additional information, reference is made to the Company’s Current Reports on Forms 8-K and 8-K/A dated May 23, 2017, which were filed with the Securities and Exchange Commission on May 30, 2017 and September 21, 2017, respectively.
On September 29, 2017, the Company entered into a Share Exchange Agreement with Four Oceans Holdings, Inc., a Nevada corporation (“FOH”). to the terms of the Agreement, the Company acquired all of the shares of capital stock of FOH from the holders of such stock in exchange for the issuance of Seventy-Five Million (75,000,000) newly-issued restricted shares of the Company’s Series A Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”). As a shareholder of FOH, Alchemist received 50,000,000 shares of Series A Preferred Stock. For additional information, reference is made to the Company’s Current Report on
Forms 8-K dated September 29, 2017, which was filed with the Securities and Exchange Commission on October 5, 2017.
During the 4th quarter of the fiscal year ended April 30, 2017 and subsequent thereto through November 26, 2017, the Company has provided funding to Alchemist Holdings LLC and its affiliated entities, including the Company’s now wholly owned subsidiary, Four Oceans Holdings, Inc., totaling approximately $860,000 to complete the buildout and rollout of Four Oceans Explorer and other marketing concepts , all of which are products and services of the Company which have been recently, or soon-to-be, launched to the public. The Company anticipates that these products/services will generate revenues in the immediate future.
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On November 27, 2017, the holders of all shares of the Company’s Class B Common Stock, voting by written consent, elected Robert Oblon as a Director of the Company. No other actions were taken by such stockholders. Reference is made to Item 5.02, above, which is hereby incorporated by reference.
About SHARING SERVICES, INC. (OTCMKTS:SHRV)
Sharing Services Inc, located in Khon Kaen, Thailand, is focused to market and sell the company’s taxi sharing service via a developed website. The company was incorporated on April 24, 2015.