Summit Networks sells 5M shares to Future Era Tech for $200K; FET to manage subsidiary with control earn-out

Summit Networks Inc.

FET acquires 5M shares at $0.04/sh ($200K) and will manage Sumnet (Canada), a clean-energy equipment seller.
If Sumnet achieves 50% of $750K annual profit in first two quarters, FET earns board seat.
If Sumnet meets $750K profit for 2 consecutive years, FET can buy additional shares at $0.04 and gain control.
Failure to meet profit targets for 2 consecutive years cancels additional share rights but FET retains management.
Shares issued under Section 4(2) exemption; restricted legend applied.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Summit Networks Inc. entered into a equity purchase with Future Era Tech, Inc. ("FET") valued at $200,000.00 (effective 2022-11-30).

Action: entry
Agreement: equity purchase
Counterparty: Future Era Tech, Inc. ("FET")
Value: $200,000.00
Effective: 2022-11-30

Exact text from the filing

On November 30, 2022 Future Era Tech, Inc. (“FET”), a corporation incorporated and existing under the laws of British Columbia entered into a contract with Summit Networks, Inc. (trading in the OTC Markets under the symbol “SNTW”), a corporation incorporated under the laws of the State of Nevada. Under the terms of the Agreement, FET will acquire 5,000,000 shares of common stock of SNTW for $200,000.00.

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Summit Networks Inc. filing history →

Source: SEC EDGAR

accession 0001091818-22-000175

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