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| CHTL.OB > SEC Filings for CHTL.OB > Form 8-K on 12-Aug-2009 | All Recent SEC Filings |
12-Aug-2009
Entry into a Material Definitive Agreement, Unregistered Sale of Equity Secur
China Tel Group, Inc., a Nevada corporation (the "Company"), entered into an Independent Contractor Agreement on August 10, 2009 (the "Agreement") with Negotiart of America Inc., a California corporation (hereinafter "Independent Contractor"). The Agreement calls for the Independent Contractor to perform professional services to the Company for wireless telecommunications deployment, development of strategic partners and joint venture candidates for the Company. The Company and the Independent Contractor agreed upon a stock issuance of Series A common stock in the amount of 2,500,000 shares for the services to be performed by the Independent Contractor. The Agreement expires on December 31, 2011.
On August 11, 2009, the Company authorized to be issued approximately 2,500,000 Series A common stock to Negotiart of America Inc., for services defined under the Agreement. The shares issued were relied upon exemptions provided for in Sections 4(2) and 4(6) of the Securities Act, including Regulation D promulgated thereunder based the Independent Contractor's knowledge of our operations and financial condition and experience in financial and business matters that allowed them to evaluate the merits and risk of receipt of these securities.
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