Effective January 24, 2008, the Company entered into an agreement with a third party consulting company to provide investor relations services, assist in raising capital through private placement, evaluate acquisition candidates, assist with press releases and provide additional business consulting as needed.
The agreement is effective for a period of six months from inception, with an automatic six month renewal period unless terminated in writing by the Company no later than thirty days prior to the expiration of the initial; term or renewal period.
Compensation for the above services is $50,000 per month for the initial term, payable in free trading shares of the Company’s common stock.
Under the terms of the agreement, the Company placed 1,000,000,000 shares of its common stock with an escrow agent to be used in payment of the monthly billings.
The share value is calculated at 50% of the defined market value each month.
Additionally, the agreement requires the payment of the first and last months shares of common stock totaling 285,714,285 at the time the agreement was executed.
The agreement also grants the consultant an option to purchase $700,000 worth of the Company’s common stock at a 50% discount from the market value, as defined.
Telcoblue Inc · 10QSB · For 3/31/06
Filed On 6/5/08
sec.gov |
