SOLARIS POWER CELLS, INC. (OTCMKTS:SPCL) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01
The Company previously entered into two separate financing agreements with Blue Citi, LLC (“Blue Citi”). On 07 March 2017 Blue Citi purchased from the Company a Convertible Promissory Note (the “March Note”) in the principal amount of $15,125, yielding $13,750 of gross proceeds to the Company. On 31 May 2017 Blue Citi purchased from the Company a Convertible Promissory Note (the “May Note”) in the principal amount of $110,000, yielding $100,000 of gross proceeds to the Company.
Blue Citi declared both the March Note and the May Note (collectively, the “Notes”) to be in default and filed a lawsuit against the Company in the Circuit Court of the Twelfth Judicial Circuit in and for Sarasota County, Florida (the “Lawsuit”). The Lawsuit alleged a default of the Notes, as well as failure of the Company to pay certain obligations (totaling $68,045) which were assigned to Blue Citi.
On or around 04 December 2017 the Company and Blue Citi entered into a settlement agreement in order to resolve and settle the Lawsuit (the “Settlement Agreement”). The terms of the Settlement Agreement included, without limitation, a settlement amount of $335,545.00 (the “Settlement Amount”). The Settlement Amount will be converted into shares of Company common stock, to be issued to an exemption from registration provided by Section 3(a)(10) of the Securities Act of 1933, as amended. On 13 December 2017 the court in the Lawsuit issued a court order approving the Settlement Agreement (the “Court Order”).
See the description of the settlement of the Lawsuit and the execution of the Settlement Agreement, as approved by the Court Order, in Item 1.01, above.
About SOLARIS POWER CELLS, INC. (OTCMKTS:SPCL)
Solaris Power Cells, Inc. is developing a renewable energy storage device, Passive Electron Storage Array (PESA) to market to residential and commercial industrial users. The Company has developed a prototype of its Solaris Power Cell, which is a 100% lead-free, solid state digital storage device. The Company’s device provides a printed circuit board assembly (PCBA) that creates an intelligent power cell creating digital energy storage solution capable of providing energy storage to applications normally reliant and equipped with highly toxic lead acid and nickel metal hydride batteries. Its products can use any renewable or non-renewable energy source, including sun, wind, water, motion or thermal to provide the energy to be stored. Its system stores direct current (DC) energy at a rate limited only by the network feeding it. Its system uses the energy collected by solar panels to charge a PESA array.