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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2016
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 

On January 9, 2017, the Company finalized a Licensing Agreement with a globally recognized battery company that will allow the Company to market under the licensed brand, a specific product to a specific retailer in the warehouse club distribution channel.

 

On February 13, 2017, as authorized under the Company's stock repurchase plan, the Company repurchased 1,000,000 shares of Company common stock from Involve, LLC., under the Option Agreement dated June 27, 2016, at an exercise price of $.15 per share. A further 666,667 of Company common stock remains available under the agreement for a 12 month-period starting February 7, 2018.

 

On March 1, 2017, the Board of Directors approved an Investment Banking Agreement, dated March 1, 2017 with Wilmington Capital Securities, LLC, ("Wilmington") and a registered broker-dealer under the Securities Exchange Act of 1934. The Company entered into the Agreement in order to obtain outside assistance in finding and considering possible opportunities to enhance Company shareholder value through significant corporate transactions or through funding expansion and/or diversification of the Company's primary business lines. The scope of such possible strategic transactions include mergers and acquisitions, asset acquisition or sales and funding through the issuance of Company securities. The agreement has an initial six-month term and renews for an additional, consecutive six-month term if not terminated prior to the term renewal. Wilmington will receive a cash retainer fee of $80,000, payable in monthly installments, in the first six-month term, and a reduced retainer fee of $45,000, payable in monthly installments, in the first renewal of the initial six-month term. Wilmington would also receive a transaction fee for any consummated strategic transaction introduced by Wilmington under the Agreement. The transaction fees are based on the Lehman Scale starting at 8% fee up to $5,000,000  transaction reducing  to 4% for a $20,000,000 and above  transaction.