Business
Settlement Agreement Signed
Settlement Agreement Signed.
About this update from Small Business Development Group, Inc.
[{"type":"text","content":"Small BusinessDevelopment Group, Inc. (OTC: SBDG)SettlementAgreement Signed October 22, 2013As previously disclosed, on July 22, 2013 the Company received a demand letter from the Levine Consulting Group, LLC (LCG) for 1,900,597,600 share of free-trading stock as part of a reset clause in the agreements of August 24, 2012.We are pleased to announce that in consideration of the mutual covenants, agreements and other good and valuable considerations provided for herein, the sufficiency of which is hereby acknowledged, the Parties agree as follows:On October 15, 2013, SBDG delivered to LCG: (1) 38,012 shares of SBDG free-trading common stock in satisfaction of the reset share obligation; (2) the legal opinion letter of SBDG's securities lawyer opining that such shares may be transferred to LCG free of restrictions and free of restrictive legends pursuant to the federal securities laws; and (3)61,988 shares of SBDG common stock bearing a legend evidencing that they have not been registered, in settlement of the monetary claims asserted herein. With respect to the 61,988 shares of restricted SBDG stock, SBDG promises and covenants to take all measures at its disposal, within the confines of the law, to remove the restricted legend on such shares at the earliest time allowed by law, such actions to include, but not be limited to, providing a legal opinion letter of its counsel that Rule 144 permits the removal of such legends and the free trading of such shares.Management DiscussionThis settlement is the final step in the restructuring of the Company and clears the way for the Company to raise additional capital as part of its Strategic Plan and start the deployment of its new services.Small Business Development Group, Inc.'s management has been working diligently to restructure the Company and give it a new direction and purpose, including the following activities:1. To offer business advisor services for client companies and to our portfolio companies;and,2. To acquire companies for our portfolio.The Company will be launching its SBD Advisory Services in January of 2014, which will include a full menu of services including;Engineering of a Public Company;Going Public with a Direct Public OfferingSoft Leverage Buyouts;Mergers and Acquisitions;Government Relations; andCrisi...