$TTSI: CANCELLATION OF 50M RESTRICTED SHARES
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 23, 2017, Tactical Services, Inc., a Nevada corporation (the “Company” or “TACC”) entered into an Asset Acquisition Agreement (the “Agreement”) with Thomas Li, an individual and Nathan Xian, an individual (collectively Mr. Li and Mr. Xian are refereed to hereinafter as the “Inventors”). TACC purchased those assets owned by Inventors relating to Inventor’s development, sales, marketing and distribution of Unmanned Ariel Vehicles (“UAV” or “Drones”) including but not limited to patents, trademarks, know-how, trade secrets, supply lists and other assets and intellectual property of any kind, relating directly or indirectly to the manufacturing, sales and distribution of the Drones (the “Acquired Assets”); (any right, title or interest in the foregoing as the same relates to the Drone technology currently owned by Inventors shall be referred to hereinafter as the “Business”). TACC acquired one hundred percent (100%) of the Acquired Assets in exchange for the issuance of an aggregate of 60,000,000 restricted shares of the Company’s common stock (“TACC Shares”) to the Inventors (the “Purchase Price”). The Purchase Price immediately following the Closing of the transaction contemplated hereby represents ownership of TACC by the Inventors of approximately 73.00% on a fully-diluted basis. The Agreement contains customary representations and warranties. As of the date hereof, the closing conditions have been satisfied and the parties consider the Agreement closed (the “Closing Date”).
Further, the Agreement contains a post-closing condition such that the Company’s majority shareholder shall, within 5 days of the Closing Date of the Agreement, cause the cancellation of 50,000,000 shares of its restricted common stock currently beneficially owned by him and such stock shall be returned to the Company’s treasury.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text thereof, which is filed as Exhibit 10.01 to this Current Report on Form 8-K and incorporated by reference into this Item 1.01.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12338138
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On October 23, 2017, Tactical Services, Inc., a Nevada corporation (the “Company” or “TACC”) entered into an Asset Acquisition Agreement (the “Agreement”) with Thomas Li, an individual and Nathan Xian, an individual (collectively Mr. Li and Mr. Xian are refereed to hereinafter as the “Inventors”). TACC purchased those assets owned by Inventors relating to Inventor’s development, sales, marketing and distribution of Unmanned Ariel Vehicles (“UAV” or “Drones”) including but not limited to patents, trademarks, know-how, trade secrets, supply lists and other assets and intellectual property of any kind, relating directly or indirectly to the manufacturing, sales and distribution of the Drones (the “Acquired Assets”); (any right, title or interest in the foregoing as the same relates to the Drone technology currently owned by Inventors shall be referred to hereinafter as the “Business”). TACC acquired one hundred percent (100%) of the Acquired Assets in exchange for the issuance of an aggregate of 60,000,000 restricted shares of the Company’s common stock (“TACC Shares”) to the Inventors (the “Purchase Price”). The Purchase Price immediately following the Closing of the transaction contemplated hereby represents ownership of TACC by the Inventors of approximately 73.00% on a fully-diluted basis. The Agreement contains customary representations and warranties. As of the date hereof, the closing conditions have been satisfied and the parties consider the Agreement closed (the “Closing Date”).
Further, the Agreement contains a post-closing condition such that the Company’s majority shareholder shall, within 5 days of the Closing Date of the Agreement, cause the cancellation of 50,000,000 shares of its restricted common stock currently beneficially owned by him and such stock shall be returned to the Company’s treasury.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text thereof, which is filed as Exhibit 10.01 to this Current Report on Form 8-K and incorporated by reference into this Item 1.01.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12338138
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