VIEW SYSTEMS INC. (OTCMKTS:VSYM) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
SANNABIS S.A.S. Acquisition Agreement
On July 25, 2019, the Board of Directors of View Systems, Inc., a Colorado corporation (the "Company"), authorized the execution of that certain Acquisition Agreement (the "Acquisition Agreement") with Sannabis S.A.S., a Cali, Colombia corporation. Sannabis is a privately held corporation engaged in the business of growing and shipping Hemp Products, which provide treatments for various medical issues.
In accordance with the terms and provisions of the Acquisition Agreement: (i) Sannabis agrees to transfer and assign its assets, intellectual property, interests and management rights in and to all of its operations; (ii) the Company agrees to recapitalize; (iii) View Systems technology will be operated and consolidated into an entity called View Systems International, Inc.(VSI), a wholly-owned subsidiary of the Company and shall be consolidated into the Company\’s financials; and (iv) the Board of Directors shall be Mr. Gunther Than, Director and Chairman of VSI.; Mr. Juan Campo, Director and President of View Systems, Inc.; and Mr. Juan Paulo Guzman, Director and Chief Operations Officer of the Sannabis Operation.
The parties also agreed that the Company\’s current President/Chief Executive Officer, Gunther Than, shall be retained as a consultant and remain a member of the Board of Directors of the Company for a period of at least two years.
SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro forma Financial Information.
Not applicable.
(c) Shell Company Transaction.
Not applicable.
(d) Exhibits.
About VIEW SYSTEMS INC. (OTCMKTS:VSYM)
View Systems, Inc. develops, produces and markets computer software and hardware systems for security and surveillance applications. The Company offers digital video recorder technology. It is engaged in developing interfaces with various technologies, such as facial recognition; access control cards and control devices, such as magnetic locks and alarms, and other security devices. The Company’s products include the concealed weapons detection system, the visual first responder system and the Viewmaxx digital video system. The Company’s concealed weapons detection system is known as ViewScan. The Company also offers integration of other products with ViewScan or ViewMaxx. Biometric verification is a system for recognizing faces and comparing them to known individuals, such as employees or individuals wanted by law enforcement agencies. The Company also offers a central monitoring or video command center for ViewScan or ViewMaxx products.
