TXHG has quietly put out a very important 8-K that will significantly change the landscape of this company.
The highlights:
Most of the debt will be erased
4.5 million shares will be returned
A pending oil and gas deal
Since a PR was not issued, very few investors are aware of the pending event. They are also putting out lots of SEC filings the last few days to get the house in order.
On November 11, 2008 the Company entered into a settlement agreement with Mark
Neuhaus and Nicole Neuhaus. Mark Neuhaus is the former Chief Executive Officer
and a former director of the Company. The agreement is subject to the condition
precedent that the Company finalize a transaction with a third party involving
certain oil and gas properties within 90 days of November 11, 2008 ("Third Party
Closing"). Effective as and when the Third Party Closing occurs, the agreement
provides for mutual general releases between each of the Company and Mark and
the Company and Nicole Neuhaus. In connection with the agreement, seven million
shares of the common stock of the Company previously issued to Mark Neuhaus were
delivered to the Company to be held pending the Third Party Closing. If the
Third Party Closing occurs within the 90 day period, (1) four million five
hundred thousand of the deposited shares will be cancelled and returned to
authorized but unissued shares of the Company,(2) two million five hundred
thousand of the deposited shares will be delivered to Nicole Neuhaus and (3)
certain alleged claims of Mark Neuhaus against the Company for compensation and
reimbursement for advances in the aggregate amount of one hundred seventy eight
thousand eight hundred sixty two ($178,862.25) and a purported indebtedness of
the Company to Mark Neuhaus in the amount of one million three hundred three
thousand eight hundred seventy five ( $1,303.875.79),including interest accrued
through October 31, 2008 and represented by a convertible note dated as of
September 28, 2007 will be cancelled. If the Third Party Closing does not occur
within 90 days of November 11, 2008 the settlement agreement will be void and of
no force and effect and the deposited shares will be returned. |
