True Nature Holding, Inc. (OTCMKTS:TNTY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On the 17th of February, 2017 the Board of Directors for True
Nature Holding, Inc. approvedthe changing of transfer agents from
VStock Transfer, based in Woodmere,New York, to Island Stock
Transfer, based in Tampa, Florida. The contact information for
Island is: Carl Dilley, President of Island Transfer, 15500
Roosevelt Blvd, Suite 301, Clearwater, FL 33760, (727) 289-0010,
www.islandstocktransfer.com. It is expected that the conversion
could take up to thirty days from the date of notice to Vstock.
There is no significant cost associated with this transfer.
An update on acquisition is provided for informational purposes
only:
The Company continues to make progress in the due diligence
period of the potential Price Choice acquisition previously
announced, and expects a closing in Q2 of 2017.
During 2016 the Company had a formal letter of intent for the
acquisition of a $2.6 million per year compounding pharmacy which
has since expired. The Company expects to renew this relationship
shortly, under terms essentially the same as previously agreed
upon. If an agreement should be consummated it would likely close
in late Q2 2017.
The Company is currently in negotiations concerning the
acquisition of a three (3) unit compounding pharmacy operation in
Alabama whose 2016 revenues exceeded $18 million. If an agreement
can be reached, it anticipates that a closing could occur in late
Q2 of 2017.
Item 3.02, Unregistered Sales of Equity
Securities
On February 7, 2017, the Board appointed one (1) additional
member to the Board of Directors. The appointed member shall
receive the customary 100,000 shares of restricted common stock
for their service. The cost to the Company for this issuance is
$11,000. The same candidate offered to buy 200,000 shares of
restricted common stock at the same time. The consideration for
the sale was $22,000, reflecting the closing price of $.11 per
share on that day. The transaction has no impact on earnings as
the shares were priced at the same cost as the closing price on
the date of the purchase.
On the 14th of February, 2017 the Board of Directors for True
Nature Holding, Inc. authorized the issuance of restricted common
stock to convert amounts owed to a shareholder for consulting
services, cash advances and payment of invoices for the benefit
of TNTY. This calculation is based on February 14, 2017 and at
the market close of $0.14 per share; hereby converting the debts
which are currently owed and equates to 258,657 shares, for a
total cost to the Company of $36,211. This action hereby settles
all outstanding past debts owed to the shareholder by TNTY up to
February 14, 2017.
On the 14th of February, 2017 the Board of Directors for True
Nature Holding, Inc. authorized the issuance of restricted common
stock to convert amounts owed to a vendor. This calculation is
based on February 14, 2017 and at the market close of $0.14 per
share; hereby converting $20,000 of debt in outstanding legal
fees and expenses which are currently owed as of January 31,
2017, to 142,857 shares, for a total cost to the Company of
$20,000.
On the 14thof February, 2017 the Board authorized the
issuance of restricted shares to convert the last 3 months salary
($4,000 per month for a total owed of $12,000) of 2016 owed to a
Director serving as its Interim President. The price per share
used was the closing price of $0.14 per share which equates to
85,714 shares of TNTY. This action hereby settles all outstanding
past debts owed to the Director by TNTY up to February 14, 2017.
The Board of Directors on December 1stagreed to employ
the services of two Business Development individuals issuing them
50,000 shares of restricted common stock each as compensation.
Since that time both individuals have informed the Company that
they are no longer interested in assisting, and have agreed that
the Board of Directors can cancel the shares issued in their
names, which had not been delivered.
Based on these issuances, and taking into account the
cancellation of shares noted above, the total shares outstanding
as of the date of this filing is 17,213,894.
Item 5.02(c) Departure of Directors or Principal
Officers; Election of Directors; Appointment of Principal
Officers
On the 7th of February, 2017 the Board of Directors for True
Nature Holding, Inc. extended a formal invitation toMr. James C.
Czirr to itsBoard of Directors.Mr. Czirr, age 62, is most
recently involved with Galectin Therapeutics, Inc. (NASDAQ:GALT),
both personally and as an investment his funds. He served as
Chairman of the Board for Galectin from February 2009, and
Executive Chairman from February 2010 until January 2016. He now
sits on the Board as the representative for their Series B
Preferred holders. He is a co-founder of 10X Fund, L.P. and is a
managing member of 10X Capital Management LLC, the general
partner of 10X Fund, L.P. Mr.Czirr was a co-founder of Galectin
Therapeutics in July 2000. Mr.Czirr was instrumental in the early
stage development of Safe Science Inc., a developer of
anti-cancer drugs; served from 2005 to 2008 as Chief Executive
Officer of Minerva Biotechnologies Corporation, a developer of
nano particle bio chips to determine the cause of solid tumors;
and was a consultant to Metalline Mining Company Inc., now known
as Silver Bull Resources, Inc., (AMEX: SVBL), a mineral
exploration company seeking to become a low-cost producer of
zinc. Mr.Czirr received a B.B.A. degree from the University
ofMichigan.
Mr. Czirr will be issued the customary 100,000 restricted shares
of stock for his services as a member of the Board of Directors.
The cost for this issuance was $11,000. In conjunction with his
acceptance of the Board position, Mr. Czirr has purchased 200,000
shares of restriction common stock for $22,000, the price per
share based on the closing price on that date. The transaction
has no impact on earnings as the shares were priced at the same
cost as the closing price on the date of the purchase.
On February 14, 2017, the Board of Director appointed Louis
Deluca as the Chief Operating Officer of True Nature Holdings,
Inc effective immediately. Mr. Deluca, age 58, served as VP of
Operations for Mondetta US, Inc. an online apparel designer and
retailer, from 2015 to 2016. From 2012-2015, he served as the COO
of The Ivory Company, a multichannel home dcor retailer based in
Atlanta, GA. From 2007 to present, Mr Deluca was the Founder and
CEO of Marietta Sign Company, a manufacturer and designer of
customer signage based in Atlanta, GA. From 1981 to 2007, he
served as Director of Inventory Planning and Sourcing at The Home
Depot. He received a Technical Drafting Certificate from Gwinnett
Technical College in 1977 and studied Business Management at the
University of Phoenix.
Mr. Deluca will be compensated as follows: There is no formal
employment contract with Mr. Deluca and he will serve in this
position at the will of the Board of Directors. Upon sufficient
funding, as determined by the Board of Directors, he will become
a full-time employee and his compensation will be a) a base
salary of $100,000 per year, and b) a potential performance
bonus, subject to Board approval, of up to $100,000. Effective
immediately, he will receive a restricted stock grant of 500,000
shares of restricted common stock. The charge to earnings for the
issuance was $70,000. The shares are subject to a reverse vesting
that requires him to stay with the company for three (3) years
(1/3 per year) and achieve certain management objectives in order
to keep all of the shares. If he fails to remain for the duration
or to achieve the management objectives, certain number of the
shares will be cancelled. He will also participate in any other
executive benefits programs that are made available to other
executives of equal statue in the public holding company.
On February 14, 2017, the Board of Director appointed Susanne
Leahy as the Chief Finance Officer of True Nature Holdings, Inc
effective immediately. Mr Christopher Knauf, will no longer be
the Chief Finance Officer of the Company and will now serve
solely as the Chief Executive Officer. Ms. Leahy, age 47, served
as the SVP of Finance and Operations for Cinedigm (NASDAQ: CIDM)
from 2012-2016. From 2000-2012, she served as VP of Finance and
Operations for New Video group, a home entertainment distributor
company based in New York NY. Ms. Leahy received a BS in
Accounting from New York Institute of Technology in 1995.
Ms. Leahy will be compensated as follows: There is no formal
employment contract with Ms. Leahy and she will serve in this
position at the will of the Board of Directors. Upon funding, she
will become a full-time employee and her compensation will be a)
a base salary of $100,000 per year, and b) a potential
performance bonus, subject to Board approval, of up to $100,000.
Effective immediately, she will receive a restricted stock grant
of 500,000 shares of restricted common stock. The charge to
earnings for the issuance was $70,000. The shares are subject to
a reverse vesting that requires her to stay with the company for
three (3) years (1/3 per year) and achieve certain management
objectives in order to keep all of the shares. If she fails to
remain for the duration or to achieve the management objectives,
certain number of the shares will be cancelled. She will also
participate in any other executive benefits programs that are
made available to other executives of equal statue in the public
holding company.
Item 7.01 Regulation FD Disclosure
The Company issued a press release on February 27, 2017
discussing the appointment of Mr. Louis Deluca as Chief Operating
Officer, as noted in this filing. A copy of those press releases
is provided herein as Exhibit 99.1. TheCompany issued a press
release on February 28, 2017 discussing the appointment of Mr.
James Czirr as a member of the Board of Directors, as noted in
this filing. TheCompany issued a press release on March 7, 2017
discussing the appointment of Ms. Susanne Leahyas a Chief
Financial Officer, as noted in this filing. A copy of those press
releases is provided herein as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. |
Description |
|
99.1 |
Press release issued by the Company on February 27, 2017 |
|
99.2 |
Press release issued by the Company on February 28, 2017 |
|
99.3 |
Press release issued by the Company on March 7, 2017 |
About True Nature Holding, Inc. (OTCMKTS:TNTY)
True Nature Holding, Inc., formerly Trunity Holdings, Inc., is a development-stage company. The Company is focused on business of the production and sale of pharmaceutical products, including specialized compounded pharmaceutical formulations, for both the human and veterinary markets. The Company intends to acquire a series of businesses, which specialize in compounding pharmacy activities, direct to consumers, doctors and veterinary professionals. The Company is focused on selling its formulations primarily through a network of compounding pharmacies. The Company was engaged in educational business. As of December 31, 2015, the Company had not generated any revenues. True Nature Holding, Inc. (OTCMKTS:TNTY) Recent Trading Information
True Nature Holding, Inc. (OTCMKTS:TNTY) closed its last trading session up +0.100 at 0.400 with shares trading hands.