(Edgar Glimpses Via Acquire Media NewsEdge) ITEM 1.02 Termination of a Material Definitive Agreement
On July 10, 2014, EQCO2, Inc. formerly known as Cleantech Transit, Inc. (the
"Company") entered into a settlement agreement (the "Agreement") with an
unrelated third party, Discovery Carbon Environmental Securities Corporation
("DCE"), a Nevada corporation, where the parties terminated the Exchange
Agreement between the parties dated May 8, 2013. As part of the settlement, all
parties agreed to dismiss their respective lawsuits against each other. The
shares of stock issued to the DCE's president were returned to the Company and
will be cancelled.
As part of the Agreement, among other things, the Company will amend it Articles
of Incorporation to change its name.
As part of the transaction, the Company has appointed a new CEO, Kenneth Bosket,
who previously served as its CEO and Montse Zaman was appointed as Secretary,
the position she held prior to the Exchange Agreement. Mr. Bosket and Mrs. Zaman
were also appointed directors, replacing William Barnwell, who was CEO and
director, Arnold Sock and Shad Sullivan, both directors of the Company. The size
of the Board has been increased to six and the following have also been
appointed directors: Harold Gewerter, John Scrudato, who will also serve as CFO,
Mark Vega and Arnulfo Saucedo-Bardan.
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory
As part of the Agreement, Kenneth Bosket and Montse Zaman were appointed as
directors, replacing William Barnwell, Arnold Sock and Shad Sullivan. Subsequent
to the resignations of the former directors, four additional directors were
appointed: Harold Gewerter, John Scrudato, Mark Vega, and Arnulfo
KENNETH BOSKET. Kenneth Bosket is a director of the Company. Mr. Bosket
previously served as CEO and a director of the Company from July, 2011 to June,
2013. Mr. Bosket retired in 2004 after 30 years with Sprint (Telecommunication
Division). Mr. Bosket is co-founder of JaHMa, a music company in Las Vegas,
Nevada and a former Board Member and President of Bridge Counseling Associates,
a mental health and substance abuse service company. His experience includes
implementing appropriate procedures for positioning his organization's goals
with successful teaming relationships, marketing and over 30 years of extensive
customer service, as well as managing various departments, and being a western
division facilitator working directly for a President of Sprint. Mr. Bosket has
received numerous awards, such as the Pinnacle Award for his exceptional service
with his former employer combined with his community service involvements. Mr.
Bosket earned a Masters of Business Administration from the University of
Phoenix and a Bachelor's of Business Administration from National University.
Mr. Bosket brings to the Company extensive experience in managing employees as
well as extensive marketing experience which have been invaluable in helping the
Company move forward with its business plan. Mr. Bosket is also an officer and
director of Crown Equity Holdings, Inc., a position he has held since June,
2008. Crown Equity trades under the symbol "CRWE.OB."
MONTSE ZAMAN. Montse Zaman is a director and the Company's Secretary. Montse
Zaman was the Secretary and Treasurer and a director for the Company from July,
2011 to June, 2013. She worked for Zaman & Company, a private business
consulting firm, as an administrative assistant from 2003 until the end of 2008
when she joined the Company. Ms. Zaman has extensive organizational experience
and is involved in handling the day-to-day administrative operations of the
Company. Ms. Zaman has an extensive background in journalism and has a degree in
Communications from Instituto Superior De Ciencia Y Technologia A.C. in Mexico.
Mrs. Zaman possesses strong administrative credentials which have proven
invaluable in handling the daily operations of the Company and reporting and
working directly with the Company's CFO in ensuring that all financial
transactions are accurately and properly reported. Mrs. Zaman is also an officer
and director of Crown Equity Holdings, Inc., a position she has held since
February, 2008. Crown Equity trades under the symbol "CRWE.OB"
--------------------------------------------------------------------------------HAROLD GEWERTER. Harold Gewerter is a director. Mr. Gewerter has been in private
practice of law since 1979. Mr. Gewerter has lectured for various bar
associations and other associations in Nevada, Hawaii, California, Washington,
Alaska, and Ohio in the areas of Taxation, Securities Law, Real Estate and
Estate planning. Mr. Gewerter is a member of the Nevada State Bar and is also
admitted to practice before the United States Supreme Court, the United States
District Court for the District of Nevada, the Ninth Circuit Court of Appeals,
the United States Tax Court and the United States Court of Claims. Mr. Gewerter
is a graduate of the University of Southern California where he received his
Bachelor of Arts and Master of Science. He received his Juris Doctor from
Southwestern University School of Law.
JOHN SCRUDATO. John Scrudato is CFO and a director. John Scrudato CPA has for
the past twenty five years acted as managing partner of Scrudato & Co., CPA's,
and John Scrudato CPA. Mr. Scrudato has administered and supervised the
Company's audit, accounting, and tax clients, provided CFO services for
individual clients, as well as Edgar financial oversight, and is an invaluable
resource for all public accounting issues. This accounting professional is a
registered agent with the PCAOB and audits publicly traded companies through
their oversight policies. Mr. Scrudato is also an officer and director of Crown
Equity Holdings, Inc., a position he has held since July, 2013. Crown Equity
trades under the symbol "CRWE.OB."
ARNULFO SAUCEDO-BARDAN. Mr. Saucedo-Bardan is a director. Arnulfo
Saucedo-Bardan is an entrepreneur from Torreon Coahuila, Mexico. In 2005, he
opened and operated a small independent Mexican food restaurant in Mexico, City,
until December of 2007. In 2008, he joined the Crown Equity Holdings Inc. team
as CEO and later served as the Company's Chairman until January of 2013. Mr.
Saucedo-Bardan has a Bachelor Degree in engineering from the Instituto
Tecnologico De La Laguna in Torreon Coahuila. Mr. Saucedo-Bardan is also a
director of Crown Equity Holdings, Inc. Crown Equity trades under the symbol
MARK VEGA. Mark Vega is a director. Mark Vega brings years of corporate planning
and technical (IT) management experience to the company. Mark has been in charge
of the IT department of Crown Equity Holdings Inc. for more than seven years.
His responsibilities include overall technical strategy in addition to managing
advanced development groups. Mr. Vega attended California State University,
studying Computer Science, Chemistry and Music. Mr. Vega is also a director of
Crown Equity Holdings, Inc. Crown Equity trades under the symbol "CRWE.OB."
ITEM 7.01 FD Disclosure
(a) The Company issued press releases on July 11, 2014, a copy of which is
attached hereto as an exhibit.
(b) The information contained in this Form 8-K shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it
be deemed incorporated by reference in any filing under the Securities Act
of 1933 or the Securities Exchange Act of 1934, except as expressly set
forth by specific reference in such filing.
ITEM 9.01 Financial Statements and Exhibits
Exhibit No. Description of Exhibit
99.1 Press Release Dated: July 11, 2014