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Fonu2 Inc (FONU.PK)

FONU.PK on OTC Markets Group

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FONU2 Inc announces completion of acquisition - Form 8-k
Wednesday, 8 Jul 2015 02:55pm EDT 

FONU2 Inc:Says Studio City Rentals, LLC, Nevada limited liability company and wholly-owned subsidiary of FONU2 Inc completed purchase of all assets of Apple Box Productions, Inc.Company paid total consideration of $1,000,000 consisting of $400,000 in cash, and $600,000 in subordinated note.Seller note bears interest at 8 pct p a.And interest is payable in lump sum or $94,000 on or before the sixtieth day following the closing date, and thereafter in monthly payments of not less than $25,000, with final payment of all unpaid principal and accrued interest on first anniversary of closing date.Seller note is secured by collateral assignment of all purchased assets pursuant to security agreement between company and seller.Says repayment of seller note is subordinated to payment of indebtedness of FONU2 to Loeb Term Solutions LLC (Loeb) described below.FONU2 and Jake Shapiro, Chairman and CEO of FONU2, have both unconditionally guaranteed the repayment of seller note.  Full Article

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