Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section
13 OR 15(d) of the Securities and Exchange Act of 1934
Date
of Report
(Date of earliest event reported): February 12, 2008
EMVELCO
CORP.
(Exact
name of
registrant as specified in charter)
|
Delaware
|
001-12000
|
13-3696015
|
|
(State
or
other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
1061
½
N.
Spaulding
Ave., Los Angeles, CA 90046
(Address
of
principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (323) 822-1750
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 Instructions A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events
EMVELCO
Corp. (the
“Company”) has entered into the final stages of negotiation on a term sheet
which provides that the Company will purchase and receive from an entity that
owns certain gas development rights, all the mineral acreage and land rights
for
drilling on that certain property located in Texas (the “Gas Lease Rights”). The
purchase price shall be US$50M as the first increment which may be increased
up
to $250M based on actual proven developed producing. In consideration of the
actual assignment of the Gas Lease Rights, the Company shall issue a minimum
of
50,000,000 new EMVELCO shares to the Seller, wherein the share price shall
be at
an agreed upon price of $1.00 per share in exchange for all the shares of the
entity that may be transferring the Gas Lease Rights. The Company is undertaking
due diligence and upon proof of good title to the Gas Lease Rights, the
transaction will be presented to the Board of Directors for approval.
The
terms and
provisions of the Gas Lease Rights will be delineated in a definitive agreement.
The transaction may be subject to a Proxy Statement to be delivered to
Shareholders.
SIGNATURES
Pursuant
to the
requirements of the Securities Exchange Act 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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EMVELCO
CORP. |
|
|
|
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By: |
/s/
YOSSI ATTIA |
| |
Name:
|
Yossi
Attia |
| |
Title: |
Chief Executive
Officer |
| |
|
|
| Date: February
19,
2008 |
|
|
|
Los
Angeles,
California
|
|
|