quantum solar power corp (QSPW) Key Developments
Quantum Solar Power Corp. Enters into an Agreement with Foundation Freehold Ltd. to Settle Additional Debt
Mar 1 13
Quantum Solar Power Corp. has entered into an agreement with Foundation Freehold Ltd. to settle outstanding indebtedness in the principal amount of $574,000 owed to Foundation Freehold under a loan agreement dated April 23, 2012, as amended. Under the terms of the settlement with Foundation Freehold, Quantum will transfer to Foundation Freehold a microscope and deposition machine held by Foundation Freehold as security for the loan in settlement of $200,000 of the Freehold Indebtedness. The balance of the Freehold Indebtedness will be settled as follows; $140,275 by the issuance of 28,000,055 common shares of Quantum at a price of $0.005 per share; $140,272 by the issuance of a promissory note of Quantum payable in one year with interest at 5% per annum; and $93,543 will be assumed by Quantum's wholly-owned subsidiary, NanoSMC Structured Materials Corp. and be settled by the issuance of 1,869,052 shares of NanoSMC at a price of $0.05 per share.
Quantum Solar Power Corp. Files Form 15
Feb 14 13
Quantum Solar Power Corp. announced that it has filed Form 15 with the Securities and Exchange Commission to voluntarily deregister its shares of common stock of par value $0.001 per share under the Securities Exchange Act of 1934, as amended.
Quantum and Subsidiaries Enter into Settlement Agreement with Simon Fraser University to Settle Obligations
Feb 8 13
On January 30, 2013, Quantum, its wholly-owned subsidiary, 0935493 B.C. Ltd. ("NumberCo") and Canadian Integrated Optics, BC Ltd. ("CIO"), (collectively the "Debtors") entered into a settlement agreement with Simon Fraser University ("SFU") to settle obligations totaling $455,901 under the terms of the Amended Research Agreement between the Debtors and SFU. The SFU Indebtedness was incurred by CIO in the course of conducting research activities at SFU on behalf of Quantum. Quantum and NumberCo had guaranteed the majority of the SFU Indebtedness in May of 2012 and Quantum was obligated to pay the balance of the SFU Indebtedness which was incurred from research activities conducted on Quantum's behalf between May and November of 2012. The guarantee of Quantum and NumberCo was secured by a security agreement granting SFU security over three Kurt J. Lesker PVD 75 deposition tools. Under the terms of the Settlement Agreement by Bills of Sale dated for reference January 22, 2013, NumberCo transferred the Collateral and certain supporting equipment to SFU. In addition, the Debtors agreed to release any possible claims they may have had against SFU for losses possibly incurred from the mislabeling of gasses at SFU's 4D Lab Facility. In addition to providing the Debtors with a release of the obligations under the Amended Research Agreement, Guarantee and Security Agreement, SFU agreed to release claims to the intellectual property developed under the Amended Research Agreement.
Quantum Solar Power Corp. Announces Management Changes
Feb 8 13
Effective January 31, 2013, Andras Pattantyus-Abraham resigned as President, Chief Executive Officer and as a Director of Quantum Solar Power Corp. Effective February 6, 2013, Quantum appointed Daryl Ehrmantraut as its Chief Executive Officer and President. Mr. Ehrmantraut is also the Chief Operating Officer and a director of Quantum.
Quantum Solar Power Corp. announced delayed 10-Q filing
Nov 13 12
On 11/13/2012, Quantum Solar Power Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.