Filed In: Medina International, MIHI, Jet Boats, boating, rescue boats, watercrafts, Medina Marine, Harbor Guard, WinTec, WinTec Protective Systems
On June 28, 2011, Medina International Holdings, Inc. and WinTec Protective Systems, Inc. entered into a Contribution and Exchange Agreement where Medina agreed to issue 3,000,000 shares of its restricted common stock in exchange for 20,400,000 shares of the common stock of WinTec. The agreement has resulted to Medina holding 51% of the issued and outstanding common stock of WinTec, making the latter, a subsidiary of the Company.
Alongside the contribution and exchange agreement, Medina and WinTec also entered into a Stock Redemption and Purchase Agreement where WinTec gets the right to repurchase 12,400,000 shares of its common stock held by Medina upon the closing of the Contribution and Exchange Agreement in exchange for $1,500,000. In addition, the Company has agreed to issue WinTec an option to purchase up to 3,000,000 shares of its restricted common stock at an exercise price of $0.10 per share.
Medina International company web site: http://harborguardboats.com/
Profile on Medina International: http://stockguru.com//about/mihi/
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