Effective December 21, 2017, Bravatek Solutions, Inc. (the Company) entered intoa Joint Venture Agreement (the Agreement) with The Go Eco Group, a corporation organized under the laws of the State of Nevada (LIBE), pursuant to which (1) the parties will form a joint venture limited liability company in Delaware to develop, market and sell products, services and technology based on a web-enabled Light Guard System (the System), (2) the joint venture will be owned 35% by the Company and 65% by LIBE; (3) the Company shall fund $25,000 in initial capital to the joint venture; and (4) the joint venture shall have an irrevocable royalty-free non-exclusive license to use all of LIBEs direct and/or licensed intellectual property necessary for the joint venture to develop and sell the System.
The foregoing description of the Agreement and the terms thereof is qualified in its entirety by the full text of such agreement, which is filed as Exhibit 10.1 to, and incorporated by reference in, this report.
Item 8.01 Other Events.
Effective December 21, 2017, the Company acquired 10-year level term key man insurance for its CEO and Chairman, Dr. Thomas A. Cellucci, in the amount of $5,000,000.
Item 9.01 Financial Statements and Exhibits.
The exhibit listed in the following Exhibit Index is filed as part of this report:
Joint Venture Agreement dated December 21, 2017
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.
BRAVATEK SOLUTIONS, INC.
Date: December 28, 2017
/s/ Thomas A. Cellucci
Thomas A. Cellucci
Chief Executive Officer
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Other recent filings from the company include the following:
An occurrence of an uncontrollable event such as the - March 30, 2020