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| INVU > SEC Filings for INVU > Form 8-K on 19-Sep-2012 | All Recent SEC Filings |
19-Sep-2012
Other Events, Financial Statements and Exhibits
On September 13, 2012, Investview Inc. (the "Company") entered into Share Exchange Agreement (the "Instilend Agreement") with Instilend Inc., a New York corporation ("Instilend"), and Todd Tabacco, Derek Tabacco and Rich L'Insalata, the shareholders of Instilend (the "Sellers").
Pursuant to the terms of the Instilend Agreement, the Company agreed to acquire, and the Sellers agreed to sell, 100% of the outstanding securities of Instilend in consideration for 500,000 shares of common stock of the Company and a Convertible Promissory Note in the principal amount of $500,000, which will bear 5% interest per annum and may be paid in cash or shares of common stock. The Convertible Promissory Note will mature three years from the date of issuance and converts into common stock at a price of $8.00 per share. In addition, each of the Sellers will enter employment agreements, non-compete agreements and lock-ups agreements, as applicable. The closing of the acquisition is subject to standard closing conditions and Instilend is required to deliver audited financials statement for the year ended March 31, 2012 and unaudited financial statements for the most recent quarter. The parties intend to close the acquisition on or before October 30, 2012.
At the time of closing, Instilend will be the exclusive owner of the Matador platform and LendEQS platform, client list of a software program known as Stock Locate and the related website, www.locatestock.com. Following the closing, Instilend will be a 100% owned subsidiary of the Company.
The letter of intent with respect to the "Quick & Reilly" brand entered between First National Boston Corporation ("FNBC") and the Company expired pursuant to its terms. The parties have verbally agreed to again commence discussions with respect to the Company's acquisition of the brand pending FNBC obtaining Federal agency approval with respect to the brand.
Exhibit No. Description of Exhibit
10.1 Share Exchange Agreement between Investview Inc., Todd Tabacco, Derek
Tabacco, Rich L'Insalata and Instilend Inc.
99.1 Press Release dated September 19, 2012
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