FORM 8-K: AVALANCHE INTERNATIONAL FILES CURRENT REPORT

Upon the terms and subject to the conditions set forth in the Agreement, the Company will acquire MTIX from the Sellers through the transfer of all issued and outstanding ordinary shares of MTIX (the "MTIX Shares") by the Sellers to the Company in exchange (the "Exchange") for th...

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Bibliographic Details
Published inUS Fed News Service, Including US State News
Format Newsletter
LanguageEnglish
Published Washington, D.C HT Digital Streams Limited 15.09.2017
Subjects
Agreements
Appointments & personnel changes
Archives & records
Audited financial statements
Form 8-K
Investments
Stock prices
Stockholders
Las Vegas Nevada
WASHINGTON
Nevada
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Summary:Upon the terms and subject to the conditions set forth in the Agreement, the Company will acquire MTIX from the Sellers through the transfer of all issued and outstanding ordinary shares of MTIX (the "MTIX Shares") by the Sellers to the Company in exchange (the "Exchange") for the issuance by the Company of: (a) 7% secured convertible promissory notes (individually, a "Note" and collectively, the "Notes") in the aggregate principal face amount of $9,500,000 to the Sellers in pro rata amounts commensurate with their current respective ownership percentages of MTIX's ordinary shares, (b) (i) $500,000 in cash, $50,000 of which has already been paid, and (ii) 100,000 shares of the Company's newly designated shares of Class B Convertible Preferred Stock (the "Class B Shares") to Pravin Mistry, the principal shareholder of MTIX (the "Majority Shareholder"). Each of the Company and the Sellers have made customary representations and warranties in the...