Simlatus Corporation (OTCMKTS:SIML) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 28, 2020, Baron Tennelle and Dusty Vereker resigned as directors of Simlatus Corporation (the Company), and from their positions as officers and employees of the Company and its subsidiaries. In connection with their resignations, the Company agreed to issue (i) 52,931 shares of its Series A Preferred Stock to Baron Tennelle in satisfaction of $94,745 of accrued wages and interest owed to him for services to the Company and its subsidiaries, and (ii) 50,615 shares of its Series A Preferred Stock to Dusty Vereker in satisfaction of $90,600 of accrued wages and interest owed to her for services to the Company and its subsidiaries.
About Simlatus Corporation (OTCMKTS:SIML)
Simlatus Corporation, formerly Grid Petroleum Corp., designs, manufactures and sells audio and video broadcast equipment. The Company builds and thoroughly tests these items in-house prior to shipping to its customers. It has a revenue base in the broadcast industry with long-term national and international distribution. Its customers include smaller broadcast customers, which include religious facilities, international broadcast facilities and colleges, as well as radio stations, among others. It sells over 55 different products, which include a range of protection switches, high definition (HD) routers, analog routers, control panels, audio distribution, SyncPal and the SoundPal. The new products include SocialCast AR, Augmented Reality, and Virtual Reality Content Server. The target technologies include Virtual Reality, Augmented Reality, Audio/Video Codecs, Audio Content Recognition, and over-the-top (OTT) application program interface (API) integration into key platforms.