Current Report Filing (8-k)
November 22 2016 - 8:31AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November
22, 2016
Galenfeha, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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333-188800
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46-2283393
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(State or Other Jurisdiction of
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(Commission File Number)
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(IRS Employer Identification No.)
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Incorporation)
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420 Throckmorton Street, Suite 200
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76102
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Ft. Worth, Texas 76102
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(Zip Code)
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(Address of principal executive offices)
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(800) 280-2404
(Registrants telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17CFR 240.13e-4(c))
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Item 2.01 Completion of Acquisition or Disposition of
Assets
On November 16, 2016, the Company entered into an agreement
with Fleaux Services, LLC for the sale of the companys battery and stored
energy division, which includes, but is not limited to, all inventory, support
equipment, and office operations located at 9204 Linwood Avenue, Suite 104 and
105, Shreveport, LA 71106. Mr. Trey Moore is the President/CEO of Fleaux
Services, and also is a Director of Galenfeha, Inc.
The sale is for a cash consideration of $350,000 USD; plus a 3%
royalty on all Galenfeha-style batteries sold over the course of the next two
years from the date this purchase agreement was executed. The cash consideration
was for $175,000 in inventory and $175,000 for business good-will and was
provided directly by Fleaux Services in cash.
The sale includes all future sales, future purchase orders
resulting from previous negotiations, and all intellectual property related to
Galenfeha, Inc. battery manufacturing and distribution.
Fleaux Services, LLC will assume responsibility for expenses
related to the Galenfeha, Inc. battery division that includes previous expenses
incurred for sales meetings that secured future purchase orders.
All contractual agreements between the Galenfeha Inc. battery
division and outside parties, including, but not limited to, consultants,
suppliers, distributors, and sales representatives, become the responsibility of
Fleaux Services, LLC. This includes all suppliers outstanding invoices for
materials not yet delivered and support equipment that will be relinquished to
Fleaux Services, LLC upon the execution of this agreement.
Galenfeha, Inc. will retain payments on all current outstanding
purchase orders invoiced before the date of this purchase agreement.
A copy of the sales agreement and payment of debt to related
parties are listed as exhibits:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: November 22, 2016
GALENFEHA, INC.
/s/ James Ketner
James Ketner
President/CEO
Galenfeha (PK) (USOTC:GLFH)
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