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Vibe Records, Inc. (fka VBRE) RSS Feed

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Created
11/29/07
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8K May 21,2008 - http://ih.advfn.com/p.php?pid=nmona&cb=1212688552&article=26453283&symbol=NB%5EBAQU http://www.viberecords.com/ On November 12, 2007, the Company entered into a Share Exchange Agreement (“Agreement”) with Vibe Records, Inc., a Delaware corporation (“VIBE”) to acquire 100% of the issued and outstanding shares of VIBE in exchange for 13,390,930 common shares of the Company. The Agreement also provides that the Company will undergo a 1.5 for 1 dividend or forward split prior to the closing of the share exchange and that 2 directors nominated by Vibe will be appointed to the Company’s board of directors. It is anticipated that this transaction would be completed by December 15, 2007. There are a number of conditions to the closing contained within the Agreement as well as the customary representations and warranties. The consummation of this transaction would result in a change of control. In a separate transaction, Company President and CEO James Price entered into a share sale agreement with VIBE President and CEO Timothy J. Olphie, whereby Olphie would personally acquire 396,910 of James Price’s 896,910 common shares in the Company for a payment of $600,000 or approximately $1.51 per share. Full filing; http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5277039
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