SOLLENSYS CORP. (OTCMKTS:SOLS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On August 20, 2020, Sollensys Corp. (the “Company”) entered into a Reseller Agreement (the “Reseller Agreement”) with Eagle Lake Laboratories, Inc., a Florida corporation is (“Eagle Lake”). Eagle Lake is the holder of 11,400,000,000 shares of Common Stock of the Company, which represents 95.8% of the voting power of the Company. The Chief Executive Officer of the Company, Donald Beavers, is also the Chief Executive Officer of Eagle Lake.
to the Reseller Agreement, Eagle Lake appointed the Company as a non-exclusive reseller of Eagle Lake’s products and services. As a reseller for Eagle Lake, the Company has agreed to, among other things, use its best efforts to solicit orders from interested parties for Eagle Lake’s products and services, secure channel partners and distributors for Eagle Lake’s products and services, and to resell Eagle Lake’s products and services to industry, government entities, quasi-governmental agencies, nonprofit organizations, and non-governmental organizations in the United States and abroad. For all sales, the Company will be entitled to any profits generated on such sales, which will be the difference between the cost of the Company to acquire the products and/or services from Eagle Lake to sell and the price at which the Company is ultimately able to sell those products and/or services to customers.
The Company may terminate this agreement for any reason upon 30 days’ written notice to Eagle Lake. Eagle Lake may terminate the agreement upon 120 days’ notice to the Company, but only in the case of a material breach of the Reseller Agreement by the Company. The Reseller Agreement does not have any specified term or termination date.
The Reseller Agreement contains confidentiality provisions, and each of the Company and Eagle Lake have agreed to use reasonable best efforts to protect all non-public information and know-how received from each other during the term of the Reseller Agreement. If the Reseller Agreement is terminated by either party, for any reason, the Company has agreed to not compete in any way with Eagle Lake on its existing products and services.
The foregoing description of the Reseller Agreement is qualified entirely by the Reseller Agreementitself, which is attached as Exhibit 10.1 and incorporated by reference herein.
Item 1.01. Financial Statements and Exhibits.
SOLLENSYS CORP. Exhibit
EX-10.1 2 sols_ex101.htm RESELLER AGREEMENT BETWEEN THE COMPANY AND EAGLE LAKE LABORATORIES,…
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About SOLLENSYS CORP. (OTCMKTS:SOLS)
Sollensys Corp. is a development stage company. The Company operates through its South Korean subsidiary designs and manufactures touch screen panels (TSP). TSP is used in mobile devices and computer touch products among others. The Company has not generated any revenues.
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