Business
Choose Rain, Inc. Has Completed Negotiations and Has Signed an Exclusive License Agreement and a Change of Control Agreement
Choose Rain, Inc. Has Completed Negotiations and Has Signed an Exclusive License Agreement and a Change of Control Agreement.
About this update from Rooshine Inc.
[{"type":"text","content":"\n \n \n Choose Rain, Inc. Has Completed Negotiations and Has Signed an Exclusive License Agreement and a Change of Control Agreement\n \n \nChoose Rain, Inc. Has Completed Negotiations and Has Signed an Exclusive License Agreement and a Change of Control Agreement\n \n ORMOND BEACH, FL--(Marketwired - Feb 28, 2017) - Choose Rain, Inc. (OTC PINK: CHOS), announced today that it has finalized and signed its Exclusive License Agreement and Change of Control Agreement with Cloudburst Distribution Pty Ltd (Cloudburst). CHOS, through Cloudburst, now has a manufacturing base in Western Australia to serve as a global launching platform for their products. The possibilities are endless for the high quality herbal products and the bespoke spirits now available by license through CHOS.\n The Exclusive License Agreement grants CHOS Exclusive rights to all Cloudburst's USA revenues, for any Cloudburst products manufactured and/or sold in the USA. These product sales will flow through CHOS with CHOS retaining a royalty of 10% of all revenues. CHOS also announced the completion and signing of a future Change of Control Agreement as CHOS debts are retired using funds from the License Agreement. Both Choose Rain, Inc. and Gabriel's Ventures LLC, the majority shareholder, have agreed to the issuance of new restricted shares for the License Agreement and the transfer of the control block of Gabriel's 200M shares (the \"Control Shares\") to Cloudburst as CHOS debts are paid.\n As of December 31, 2016, pursuant to the Agreement, CHOS had issued 95,230,000 new restricted shares and, in September 2016, CHOS issued 10,938,300 shares without restriction upon conversion of a convertible Note Payable. The total outstanding shares as of the news release were 485,317,243. Gabriel's has already transferred 92M of its Control Shares. The remainder of the 200M share Control Block will be transferred to Cloudburst as the debts are retired. The Agreement contains, among other provisions, a non-dilution clause which imposes restrictions on any increase in the 500M shares authorized or any reverse split.\n Recognizing Choose Rain's shift in emphasis away from bottled rainwater, concentrating instead on distilled products including Herbal Products and Bespoke Spirits, Choose Rain, Inc. has begun the process of changing its name from Choose Rain, Inc. to Rooshine, I...