UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 0R 15 (D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): June 14, 2015

 

Ecrypt Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Colorado

(State or Other Jurisdiction of Incorporation)

 

000-1449574

 

32-0201472

(Commission File Number)

 

(IRS Employer Identification No.)

   

2028 E Ben White Blvd, Suite 240-2835, Austin, Texas

 

78741

(Address of Principal Executive Offices)

 

(Zip Code)

 

(866) 204-6703

(Registrant’s telephone number, including area code)

 

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):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 1.01 Entry Into a Material Definitive Agreement

 

On June 14, 2015, Ecrypt Technologies, Inc. (the “Company”) entered into a Settlement Agreement and Partial Waiver and Release (the “Settlement Agreement”) with Global Capital Corporation, a Nevada corporation, lender and preferred shareholder of the Company (“Global”). Global owns 2,377,500 shares of the Company’s 5,000,000 issued and outstanding shares of Series A Convertible Preferred Stock (the “Global Preferred Stock”), and is the holder of outstanding promissory notes in the original principal amount of $558,500, with accrued interest thereon due to Global of approximately $267,960 (the “Global Notes”). Pursuant to the Settlement Agreement, Global agreed to (1) waive interest due under the Global Notes and waive $158,500 of principal due under the Global Notes, such that only $400,000 of principal and interest would be considered outstanding as of the settlement agreement date, and (2) immediately return all of the Global Preferred Stock to the Company for cancellation, in consideration for the Company issuing 21,397,500 shares of common stock to Global.

 

The foregoing descriptions of the Agreement and the terms thereof are qualified in their entirety by the full text of such agreement, which is filed as Exhibit 10.1 to, and incorporated by reference in, this report.

 

Item 9.01 Financial Statements and Exhibits

 

The exhibit listed in the following Exhibit Index is filed as part of this report:

 

10.1

Settlement Agreement dated June 10, 2015.

 

 
2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  ECRYPT TECHNOLOGIES, INC.  
       
Date: June 15, 2015 By: /s/ Thomas A. Cellucci  
    Thomas A. Cellucci  
    Chief Executive Officer  

 

 

3


EXHIBIT 10.1

 

SETTLEMENT AGREEMENT

AND

PARTIAL WAIVER AND RELEASE

 

This SETTLEMENT AGREEMENT AND PARTIAL WAIVER AND RELEASE (this “Agreement”), dated this 10 day of June, 2015, is entered into by and among eCrypt Technologies, Inc. d/b/a Ecrypt Technologies Inc., a Colorado corporation (“Ecrypt”), and Global Capital Corporation, a Nevada corporation (“Global”).

 

RECITALS

 

WHEREAS, Ecrypt has designated and issued a total of 5,000,000 shares of Series A Convertible Preferred Stock (the “Preferred Stock”);

 

WHEREAS, Global currently holds 2,377,500 shares of Preferred Stock (the “Preferred Stock”);

 

WHEREAS, Global has total outstanding promissory notes with Ecrypt for the following original principal amounts and with following approximate dates of issuance (collectively, the “Notes”):

 

May 18, 2010

 

$

215,000

 

April 29, 2011

 

$

15,000

 

May 9, 2011

 

$

36,000

 

June 24, 2011

 

$

100,000

 

July 6, 2011

 

$

40,000

 

August 5, 2011

 

$

24,000

 

September 2, 2011

 

$

20,000

 

September 30, 2011

 

$

20,000

 

October 19, 2011

 

$

25,000

 

December 6, 2012

 

$

20,000

 

January 11, 2012

 

$

38,000

 

June 27, 2013

 

$

5,500

 

 

WHEREAS, subject to the terms and conditions set forth in this Agreement, the parties hereto desire for Global to return all of the Preferred Stock to the Company immediately for cancellation, and for the relevant parties to amend and restate the total principal and interest owed by the Company to the Parties under the Notes, all in consideration of the issuance of Ecrypt common stock to the Parties as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing recitals, the covenants and partial waivers set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

1.  Issuance of Common Stock to Global . Ecrypt agrees to immediately issue (a) 21,397,500 shares of Ecrypt common stock to Global.

 

2.  Cancellation of Preferred Stock . Global agrees to immediately return all of its shares of Preferred Stock to Ecrypt for cancellation. Global hereby agrees to surrender the stock certificate(s) representing the Preferred Stock to the Board of Directors of Ecrypt upon the execution of this Agreement duly endorsed and medallion guaranteed, and hereby agrees that the Preferred Stock shall be returned to Ecrypt’s registrar and transfer agent for cancellation.

 

 
1

 

3.  Partial Waiver and Release of Notes . Global hereby agrees that the total principal and interest that shall be considered outstanding immediately following execution of this Agreement is $400,000 (the “Settlement Amount”), for itself and its successors, agents, affiliates, executors, beneficiaries, representatives, assigns, and all persons and entities which might claim by, through or under Global, does hereby irrevocably waive, release, remise and forever discharge Ecrypt and all of its agents, attorneys, employees, representatives, affiliates, insurers, predecessors, successors in interest and assigns, of and from any and all claims, demands, causes of action, actions, rights, damages, judgments, costs, compensation, suits, debts, dues, accounts, bonds, covenants, agreements, expenses, attorneys’ fees, damages, penalties, punitive damages and liability of any nature whatsoever, at law, in equity or otherwise, which have been asserted or could have been asserted by Global arising out of or by reason of or in connection with the Notes for any amount in excess of the Settlement Amount as of the date of this Agreement. For clarity, Ecrypt and Global agree that nothing herein shall be construed as a waiver by Global of the Settlement Amount, and that immediately following execution of this Agreement, the Settlement Amount shall be the amount of principal due to Global under the Notes, with no interest due to Global following execution hereof.

 

4.  No Admission . Nothing in this Agreement shall be deemed or construed as an admission of liability or wrongdoing on the part of either party to this Agreement.

 

5.  Governing Law . This Agreement shall be governed and construed under the laws of the State of Colorado.

 

6.  Modifications; Waivers . No purported amendment or modification of this Agreement shall be effective unless it is in writing and signed by all parties hereto. No claimed waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party to be charged.

 

7.  Entire Agreement.  This Agreement sets forth the entire agreement between the parties with respect to the subject matter hereof. No representations, oral or otherwise, express or implied, other than those specifically contained in this Agreement, have been made between the parties.

 

8.  Counterparts.  This Agreement may be executed in one or more subparts or counterparts, with actual, electronic or facsimile signatures, each of which shall be deemed an original, but all of which, together, shall be deemed to constitute a single document. For all purposes in this Agreement, a facsimile or electronic signature shall be deemed as acceptable as an original signature and shall be treated as such.

 

9.  Costs of Enforcement.  If either party is required to retain legal counsel in order to enforce this Agreement, with or without the commencement of a formal legal action, such party shall be entitled to recover its attorneys’ fees and costs from the breaching party.

 

10. No Third-Party Beneficiaries.  This Agreement is entered into by the parties for the exclusive benefit of the parties and their respective successors, assigns and affiliated persons referred to herein. Except and only to the extent provided by applicable statute, no creditor or other third party shall have any rights under this Agreement.

 

11. Further Acts . The parties shall promptly take such further acts and execute such other documents as shall be necessary to carry out the intent of this Agreement.

 

 
2

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first set forth above.

 

 

ECRYPT:  
         
Ecrypt Technologies, Inc.
           
By: /s/ Thomas A. Cellucci  
Name:  Thomas A. Cellucci  
Title: Chairman & CEO  
     
GLOBAL:
        
Global Capital Corporation
          
By: /s/ Strato Malamas
Name:  Strato Malamas
Title: President

 

 

3