Attached files
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| EX-10.1 - RESELLER AGREEMENT BETWEEN THE COMPANY AND EAGLE LAKE LABORATORIES, INC. DATED A - SOLLENSYS CORP. | sols_ex101.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): August
20, 2020
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SOLLENSYS CORP.
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(Exact
name of registrant as specified in its charter)
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Nevada
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333-174581
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80-0651816
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(State
or other jurisdiction
of
incorporation or organization)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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2475 Palm Bay Rd NE, Suite 120
Palm Bay, FL 32905
(Address of principal executive offices)
(866) 438-7657
(Registrant’s telephone number, including area
code)
N/A
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
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[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12)
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[
] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))
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[
] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))
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Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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N/A
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N/A
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N/A
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Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. [
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Item 1.01 Entry
into a Material Definitive Agreement.
On
August 20, 2020, Sollensys Corp. (the “Company”)
entered into a Reseller Agreement (the “Reseller
Agreement”) with Eagle Lake Laboratories, Inc., a Florida corporation is
(“Eagle Lake”). Eagle Lake is the holder of
11,400,000,000 shares of Common Stock of the Company, which
represents 95.8% of the voting power of the Company. The Chief
Executive Officer of the Company, Donald Beavers, is also the Chief
Executive Officer of Eagle Lake.
Pursuant to the Reseller Agreement, Eagle Lake appointed the
Company as a non-exclusive reseller of Eagle Lake’s products
and services. As a reseller for Eagle Lake, the Company has agreed
to, among other things, use its best efforts to solicit orders from
interested parties for Eagle Lake’s products and services,
secure channel partners and distributors for Eagle Lake’s
products and services, and to resell Eagle Lake’s products
and services to industry, government entities, quasi-governmental
agencies, nonprofit organizations, and non-governmental
organizations in the United States and abroad. For all sales, the
Company will be entitled to any profits generated on such sales,
which will be the difference between the cost of the Company to
acquire the products and/or services from Eagle Lake to sell and
the price at which the Company is ultimately able to sell those
products and/or services to customers.
The Company may terminate this agreement for any reason upon 30
days’ written notice to Eagle Lake. Eagle Lake may terminate
the agreement upon 120 days’ notice to the Company, but only
in the case of a material breach of the Reseller Agreement by the
Company. The Reseller Agreement does not have any specified term or
termination date.
The Reseller Agreement contains confidentiality provisions, and
each of the Company and Eagle Lake have agreed to use reasonable
best efforts to protect all non-public information and know-how
received from each other during the term of the Reseller Agreement.
If the Reseller Agreement is terminated by either party, for any
reason, the Company has agreed to not compete in any way with Eagle
Lake on its existing products and services.
The foregoing description of the Reseller Agreement is qualified
entirely by the Reseller Agreement itself, which is attached
as Exhibit 10.1 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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Reseller Agreement between the Company and Eagle Lake Laboratories,
Inc. dated August 20, 2020
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amended report to be
signed on its behalf by the undersigned hereunto duly
authorized.
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SOLLENSYS CORP.
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Dated:
October 22, 2020
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By:
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/s/ Donald Beavers
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Donald
Beavers
Chief
Executive Officer
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