8k filled on 2/16/18 Item 1.01 Entry into a Ma
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Posted On: 02/17/2018 7:30:37 PM
8k filled on 2/16/18
Item 1.01 Entry into a Material Definitive Agreement.
On February 15, 2018, Bravatek Solutions, Inc. (the “Bravatek”) entered into a Strategic Alliance Agreement (the “Strategic Alliance Agreement”) with IEVOLV Ventures, Inc., a California corporation engaged in providing turnkey telecom services (“IEVOLV”), and with DP Telecom Inc., a Wyoming corporation engaged in providing telecommunications implementation support for turn-key vendors with a focus on electrical and ground-based projects while providing logistical management for strategic partners in the northern California market (“DP Telecom” and together with IEVOLV the “MAP Partners”), for the purpose of promoting the MAP Partners’ relevant capabilities, products and/or service solutions, and pursuant to which the MAP Partners will cross-promote Bravatek’s products and services, and Bravatek will be paid sales commissions in the range of 15%-20% of project net profit for clients introduced by Bravatek.
Pursuant to the Strategic Alliance Agreement, the parties also agreed that Bravatek would make every reasonable effort to fund $200,000 to DP Telecom within 60 days pursuant to a Credit Agreement attached to the Strategic Alliance Agreement as Exhibit A (the “Credit Agreement”), which the MAP Partners and Bravatek would execute at closing of the funding (the “Closing”). At the Closing, (1) Bravatek will fund DP Telecom $200,000, (2) DP Telecom will execute a secured promissory note (the “Note”) and security agreement (the “Security Agreement”) in the forms attached as exhibits to the Credit Agreement, (3) IEVOLV will execute a guaranty (the “Guaranty”) in the form attached as an exhibit to the Credit Agreement, (4) each of DP Telecom and IEVOLV will agree to pay Bravatek 20% of their net profits for a minimum of 6 months following the Closing, and (5) each of DP Telecom and IEVOLV will grant Bravatek a right of first refusal to provide telecom services for all telecom projects that either DP Telecom or IEVOLV receive for a minimum of 6 months following Closing.
Pursuant to the Note, DP Telecom will repay Bravatek $200,000, plus $20,000 of interest, within 120 days of the Closing. Pursuant to the Security Agreement, DP Telecom’s obligations under the Note will be secured by a security interest in all of DP Telecom’s assets. Pursuant to the Guaranty, IEVOLV will guaranty DP Telecom’s obligations under the Note.
The foregoing description of the Strategic Alliance Agreement, Credit Agreement, Note, Security Agreement, Guaranty and their terms is qualified in its entirety by the full text of the Strategic Alliance Agreement, which is filed as Exhibit 10.1 to, and incorporated by reference in, this report.
source
https://www.sec.gov/Archives/edgar/data/14495...vtk_8k.htm
Item 1.01 Entry into a Material Definitive Agreement.
On February 15, 2018, Bravatek Solutions, Inc. (the “Bravatek”) entered into a Strategic Alliance Agreement (the “Strategic Alliance Agreement”) with IEVOLV Ventures, Inc., a California corporation engaged in providing turnkey telecom services (“IEVOLV”), and with DP Telecom Inc., a Wyoming corporation engaged in providing telecommunications implementation support for turn-key vendors with a focus on electrical and ground-based projects while providing logistical management for strategic partners in the northern California market (“DP Telecom” and together with IEVOLV the “MAP Partners”), for the purpose of promoting the MAP Partners’ relevant capabilities, products and/or service solutions, and pursuant to which the MAP Partners will cross-promote Bravatek’s products and services, and Bravatek will be paid sales commissions in the range of 15%-20% of project net profit for clients introduced by Bravatek.
Pursuant to the Strategic Alliance Agreement, the parties also agreed that Bravatek would make every reasonable effort to fund $200,000 to DP Telecom within 60 days pursuant to a Credit Agreement attached to the Strategic Alliance Agreement as Exhibit A (the “Credit Agreement”), which the MAP Partners and Bravatek would execute at closing of the funding (the “Closing”). At the Closing, (1) Bravatek will fund DP Telecom $200,000, (2) DP Telecom will execute a secured promissory note (the “Note”) and security agreement (the “Security Agreement”) in the forms attached as exhibits to the Credit Agreement, (3) IEVOLV will execute a guaranty (the “Guaranty”) in the form attached as an exhibit to the Credit Agreement, (4) each of DP Telecom and IEVOLV will agree to pay Bravatek 20% of their net profits for a minimum of 6 months following the Closing, and (5) each of DP Telecom and IEVOLV will grant Bravatek a right of first refusal to provide telecom services for all telecom projects that either DP Telecom or IEVOLV receive for a minimum of 6 months following Closing.
Pursuant to the Note, DP Telecom will repay Bravatek $200,000, plus $20,000 of interest, within 120 days of the Closing. Pursuant to the Security Agreement, DP Telecom’s obligations under the Note will be secured by a security interest in all of DP Telecom’s assets. Pursuant to the Guaranty, IEVOLV will guaranty DP Telecom’s obligations under the Note.
The foregoing description of the Strategic Alliance Agreement, Credit Agreement, Note, Security Agreement, Guaranty and their terms is qualified in its entirety by the full text of the Strategic Alliance Agreement, which is filed as Exhibit 10.1 to, and incorporated by reference in, this report.
source
https://www.sec.gov/Archives/edgar/data/14495...vtk_8k.htm
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