Bourque Industries Announces Change of Control
Mar 19, 2013
OTC Disclosure News Service
TUCSON, Ariz., March 19, 2013. Bourque Industries, Inc. (OTC: BORK), a development stage company in the process of commercializing its patented Kryron metal-alloying process using nanotechnology to fundamentally alter common metals at the molecular level to create ultra-high performing super alloys, announced this morning an interim change in control as a result of execution of a Voting Lock-Up Agreement with its principle shareholder.
On March 8, 2013, John Bourque, the Company’s inventor and former Chief Executive Officer, as well as its principal shareholder, executed a “Principle Shareholders Lock-Up Agreement”, whereby Mr. Bourque agreed not to exercise his voting rights on 100,000,000 Series A Preferred Shares which have 4 for 1 voting rights, and not to exercise his voting rights on all but 20 million of his shares of the Company’s Common Stock, for a term which extends through the earlier of March 8, 2017, or date on which Mr. Bourque is able to re-commit to full time employment with the Company.
This Agreement not to exercise such voting rights is subject to a number of exceptions. For example, Mr. Bourque is not precluded from exercising his voting rights if the Company proposes to issue in the aggregate more than 50 million common shares, or if a shareholder vote is called for approval of certain Fundamental Corporate Transactions or under certain other circumstances spelled out in the Agreement.
The Lock-Up Agreement was approved by the Board of Directors on March 19, 2013, and is now in place. This Lock-Up Agreement substantially removes Mr. Bourque from a position of control of the Company for the period of its term and gives the new Board of Directors freedom to press forward with reorganization of the Company’s business and the marketing and sales of various contemplated product lines based upon the Company’s Kryron material.
This communication to shareholders and the public contains certain forward-looking statements. Sometimes these statements will contain words such as “believes,” “expects,” “intends,” “should,” “will,” “plans,”, ” is optimistic”, and other similar words. The events described in these forward looking statements are not certain to occur. These statements are only predictions and involve known and unknown risks, uncertainties and many factors beyond our control. Although forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment, actual results could differ materially from those anticipated in such statements.
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