Mr. Chris Dorris reports
GLOBAL REMOTE TECHNOLOGIES ENTERS INTO CORPORATE OPPORTUNITIES AGREEMENT
Global Remote Technologies Ltd. has entered into a corporate opportunities purchase agreement with Kane Smith, president of the company.
Pursuant to the purchase agreement, Mr. Smith agreed to sell, assign, transfer, convey and deliver to the company all of his right, title and interest in and to certain assets and rights as described in the purchase agreement, including the Trinity Energia contract dated July 1, 2015, which assets are valuable to the company. In consideration of the sale by Mr. Smith of the purchased assets, the company agreed to pay him an aggregate purchase price of $900,000, payable by way of five million common shares of the company at a deemed price of 18 cents per share. The securities will be subject to certain resale restrictions as set out in a stock restriction agreement executed by Mr. Smith. The company anticipates that the purchase transaction will close within the next week.
We seek Safe Harbor.
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