Business
Eurosport Announces Settlement with Esquire and Alpha
Eurosport Announces Settlement with Esquire and Alpha.
About this update from Energy And Water Development Corp.
[{"type":"text","content":" Normal 0 false false false EN-US X-NONE X-NONE Eurosport Active World, Corp Announces Settlement Agreement and Release with Esquire Trade & Finance, Inc. and Alpha Capital Anstalt Normal 0 false false false EN-US X-NONE X-NONE Eurosport Satisfies Old Debts with Shares SettlementOn March 18, 2008, Inko Sport America LLC (“Inko Sport”) entered into a reverse merger transaction with Wealthhound.com, Inc (“Wealthhound”). Pursuant to this agreement, Wealthhound’s name was changed to Eurosport Active World Corp. (“Eurosport”) and Inko Sport became a wholly owned subsidiary of Eurosport. In 2000, prior to the reverse merger transaction, Wealthhound issued certain promissory notes now owned by Esquire Trade & Finance, Inc. (“Esquire”) and Alpha Capital Anstalt (“Alpha”). Wealthhound, its shareholders, officers and directors did not disclose this debt to Inko Sport prior to the reverse merger. Thereafter, Esquire and Alpha filed suit with the Supreme Court of the State of New York (Index No. 650213/2008) in which they alleged that Wealthhound n/k/a Eurosport defaulted on the notes. On November 3, 2008, the parties entered into a confidential Settlement Agreement and Release. The Court approved the settlement and the case was closed on December 8, 2008. As part of the settlement and release, Esquire and Alpha released Eurosport and Inko Sport from any and all obligations under the notes in exchange for the issuance of Eurosport common stock. About EurosportBased in Miami, Florida, Eurosport Active World Corp. (EAWD.PK), a life enhancement company, is focused on providing products and services designed to promote all aspects of maintaining and improving overall health, fitness and well being to a broad demographic population. The Company provides Sports Nutritional Products and Natural/Organic Beverages to a wide market that ranges from moderately active individuals to serious athletes, encompasses all age groups – from youths to seniors – and includes all persons who want to eat and drink healthy products. Eurosport’s product line are developed and manufactured in Europe meeting rigid government standards established by the German government as part of its strict regulation of nutritional produc...