Section 1 – Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On January 6, 2016, Boreal Water Collection, Inc. (“Company”), through a letter from its legal counsel, Billig Loughlin & Baer, LLP (“Counsel”), exercised its First Right of Refusal as outlined in the agreements between Leisure Time Spring Water, Inc. (“Leisure Time”), Alpine Farms, Inc., Andrew J. Krieger and Suri Levow Krieger, dated November 1, 1995 and amended on April 25, 2000 (“Agreements” – included as an exhibit hereto). The Agreement providesLeisure Time the exclusive right to draw water and use the artesian spring, water supply and existing facility upon Town of Callicoon SBL No. 4-1-14.1; in addition to a first right of refusal if the owner contracts to sell the subject property (“Property”). The Company is the successor to Leisure Time. A sixty thousand dollar ($60,000.00) check was tendered as down payment for the Contract of Sale (“Contract of Sale”); 10% of the purchase price of six hundred thousand dollars ($600,000.00) (“Purchase Price”). The Contract for Sale is the purchase of the Property by Purchaser Heather Tilton, dated (signed by the Seller) on December 2, 2015. The Company has a right to match the Contract of Sale on a first refusal basis; as aforesaid. Counsel, by this letter, makes note of an error in the closing date of the Contract of Sale; assuming May 18, 2016 is the correct closing date. A copy of the Contract of Sale is attached hereto as an exhibit.
