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TECHNOLOGY APPLICATIONS INTERNATIONAL CORP FILES (8-K) Disclosing Other Events, Financial Statements and Exhibits

August 28, 2014



ITEM 8.01 Other Events

On August 28, 2014, the Board authorized the Company to exchange or repurchase 68,666,619 shares of common stock in privately negotiated transactions with three shareholders, including the current CEO of the Company. As a result of the exchange or repurchase the Company's total shares issued and outstanding will be reduced to Fifty Million (50,000,000) shares of common stock.

The repurchase was made pursuant to a privately negotiated stock repurchase agreement. The per share repurchase price for the shares repurchased was determined through arms-length negotiations with the private investors. The exchange of shares was consummated at the price that the shares were issued for originally.

The repurchase price was paid through cash on hand from the Company's available surplus and through the issuance of unsecured promissory notes that accrue simple interest at 6% per annum. Other than this private transaction as described in this report, our board of directors has not authorized any stock repurchase program or plan, and we have no current plans to effect any open-market purchases of our common stock or other repurchases of our common stock.

A copy of the unsecured promissory note and press release announcing the share repurchase is attached hereto as Exhibits 10.1 and 99.1, respectively.

ITEM 9.01 Financial Statements and Exhibits

Exhibit 10.1 - Form of Unsecured Promissory Note.

Exhibit 99.1 - Press Release dated August 28, 2014.


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Source: Edgar Glimpses


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