Item 5.01 Changes in Control of Registrant
Pursuant to the terms of the Agreement, effective February 26, 2021 (the
"Effective Time"), Veniamin Minkov, the then sole executive officer and director
of the Company and the owner of 2,000,000 restricted shares of the Company's
common stock representing 67.34% of the Company's issued and outstanding common
stock ("Unex Shares"), sold the Unex Shares to Low Wai Koon for an aggregate
consideration of $340,000, or approximately $0.17 per share. In addition,
certain stockholders purchased 966,000 shares of the Company's common stock in a
series of private transactions for $0.05176 a share from non-affiliates of the
Company (the "Non-Affiliate Shares"). Upon completion of the purchase of the
Unex Shares, Low Wai Koon owned 2,000,000 shares, or approximately 67.34% of the
issued and outstanding common stock of the Company, which resulted in a change
of control of the Company. Upon completion of the Non-Affiliate Shares, certain
stockholders owned 966,000 shares, or approximately 32.53% of the issued and
outstanding common stock of the Company.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On February 26, 2021, Veniamin Minkov resigned as the director, Chairman of the
Board, Chief Executive Officer, Chief Financial Officer, President, Secretary
and Treasurer of the Company. Mr. Minkov resignation as Chairman of the Board,
Chief Executive Officer, Chief Financial Officer, President, Secretary and
Treasurer is effective immediately. Mr. Minkov's resignation as a director will
become effective ten (10) days following the filing by the Company of the
Information Statement on Schedule 14f-1 with the United States Securities and
Exchange Commission. Prior to Mr. Minkov's resignation, he appointed Low Wai
Koon as the Company's Director and Chairman of the Board, Chief Executive
Officer, Chief Financial Officer, President, Secretary and Treasurer of the
Company. There were no disagreements between Mr. Minkov and the Company on any
matter relating to the Company's operations, policies or practices, which
resulted in his resignation.
Set forth below is information regarding the Company's newly appointed director
and executive officer.
Name Age Positions
Chairman of the Board, Chief Executive
Officer, Chief Financial Officer,
Low Wai Koon 50 President, Secretary and Treasurer
Low Wai Koon ("Dr. Low")
Dr. Low, 50, is the founder of WKL Eco Earth Sdn Bhd. ("WKL"). Dr. Low has held
senior management roles of WKL since 2017. Prior to joining WKL, Dr. Low had
over 15 years of working experience in the mechanical engineering sector. Dr.
Low obtained an Honorary Doctorate in Robotics Engineering Science and is a
Honorary Fellow of the International Society of Professional Engineers, USA.
No director of the Company received any compensation for services as director
for the year ended August 31, 2020. We have no standard arrangement to
compensate directors for their services in their capacity as directors.
Directors are not paid for meetings attended. However, we intend to review and
consider future proposals regarding board compensation.
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