Business
Sharing Services Global Corporation And 212 Technologies, LLC Announce Settlement Of Various Disputes
Sharing Services Global Corporation And 212 Technologies, LLC Announce Settlement Of Various Disputes.
About this update from Sharing Services Global Corp.
[{"type":"text","content":"\n PLANO, Texas, Oct. 15, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – Sharing Services Global Corporation (OTCQB: SHRG) (\"SHRG\") and 212 Technologies, LLC (\"212\") announced today that they had executed a mutually satisfactory settlement agreement concerning related disputes arising out of a series of commercial agreements previously executed between the parties. The agreements in dispute involved: (i) a “Stakeholder & Investment Agreement”  dated May 25, 2017 (the “SIA”), whereby SHRG was granted a 24% ownership stake in 212 in exchange 5,628,750 shares of SHRG Series A Preferred Stock (the “SHRG Stock”) and (ii) a “Software License Agreement” dated June 12, 2018 (the “SLA”) entered into by and between Elepreneurs, LLC, a wholly owned subsidiary of SHRG (now known as Elepreneurs U.S., LLC)(“Elepreneurs”) and 212, pursuant to which 212 was to develop a customized mobile application to facilitate the sale of products sold by SHRG’s subsidiary companies. SHRG and 212 have entered into a comprehensive “Release And Settlement Agreement” (the “Settlement Agreement”) under which the parties have resolved all matters of concern.  Such resolution includes the rescission of the SIA, resulting in the surrender by 212 of the SHRG Stock to SHRG.  The Settlement Agreement also documented the termination of the SLA which will result in the discontinued use of the 212 mobile application by Elepreneurs. In connection with the execution of the Settlement Agreement, Elepreneurs has agreed to dismiss, with prejudice, a lawsuit filed in the State District Court of Texas concerning the functionality of the mobile application produced by 212 under the SLA. By mutual agreement, all parties to the Settlement Agreement have agreed to move beyond this prior relationship and to pursue their respective commercial ventures without foreclosing the prospect of engaging in collaborative projects in the future. About Sharing Services Global Corporation – [Source: SHRG] Sharing Services Global Corporation (OTCQB: SHRG), formerly Sharing Services Inc., is a diversified holding company that is publicly traded and dedicated to the enhancement of  shareholder value through the acquisition and development of innovative companies,...