On April 21, 2017, REAC Group, Inc. (the Company) cancelled and terminated the Asset Purchase Agreement (APA) with Patriot Bioenergy Corporation, a Kentucky corporation (Patriot), that was originally executed on January 4, 2017. REAC terminated the APA due to Patriots refusal to provide any financial information to the Company necessary to prepare the financial statements and pro forma financial information required of a reporting company.
The officers and directors of Patriot remain as employees of REAC Group, Inc.
Section 2Financial Information
Item 2.01. Completion of Acquisition or Disposition of Assets
As stated in Item 1.01 above, the Company cancelled and terminated the APA, thereby returning all the assets of Patriot (the Assets) to Patriot. The assets included all of Patriots stock; machinery and equipment used in the hemp business; inventory; the real property and leases of real property; customer, supplier and distributor lists; accounts receivable; licenses; and goodwill.
The 50,000 shares of Company common stock used to acquire the Assets were not returned and remain with Patriot.
Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
Terminated and Cancelled Agreement
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
REAC GROUP, INC.
April 25, 2017
/s/ Robert DeAngelis
Chief Executive Officer
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