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| IVA > SEC Filings for IVA > Form 8-K on 25-Aug-2008 | All Recent SEC Filings |
25-Aug-2008
Entry into a Material Definitive Agreement, Termination of a Material Definitive Ag
On August 18, 2008, ValueRich, Inc. (the "Company") entered into an Agreement (the "Agreement") with Syndicated Capital, Inc. ("Syndicated"), a full-service broker-dealer and a member of the Financial Industry Regulation Authority, pursuant to which Syndicated will be providing brokerage services, trading services, clearing services, trading, back office support, administration, compliance, legal support, customer service and an online trading platform to potential clients (the "Services"). In consideration of the Services to be provided, the Company shall pay Syndicated $27,500 for the set up and launch of the online trading platform. In addition, the Company will pay Syndicated a negotiated percentage of all fees generated through the activities of the Company.
The Company and Syndicated have made customary representations, warranties and covenants. These include Starlight's customary indemnification provisions.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
On August 20, 2008, pursuant to a letter agreement (the "Letter Agreement"), the Company and Starlight Investments, LLC ("StarLight") terminated that certain Stock Purchase Agreement (the "Agreement"), dated as of May 20, 2008, by and between the Company and Starlight.
As reported in the Company's Report on Form 8-K filed on May 30, 2008, the Agreement provided that the Company was to acquire all of the outstanding membership interests of Starlight for $200,000 in cash and 500,000 shares of common stock of the Company. The sale was to result in Starlight becoming a wholly-owned subsidiary of the Company. Closing was subject to regulatory approvals, which included approval of FINRA and AMEX, and other customary closing conditions.
The Company had made best efforts to complete the aforementioned transaction within the timelines defined in the Agreement. The management of StarLight believes the Company did not meet the requirements of the Agreement. There were no material termination penalties incurred by the registrant.
The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the Letter Agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated herein by reference.
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