Chancellor Group Inc. completed the acquisition of 51% stake in Fuelist, LLC from Matthew Hamilton, Eric Maas and Thomas Rand-Nash.
October 29, 2013 at 09:30 am IST
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Chancellor Group Inc. (OTCBB:CHAG) signed a term sheet to acquire 51% stake in Fuelist, LLC from Matthew Hamilton, Eric Maas and Thomas Rand-Nash for $0.43 million in cash and stock on August 15, 2013. As per the deal, Chancellor Group Inc will issue 2 million shares and pay $0.27 million in cash payable in 12 monthly installments of $0.02 million, beginning in August 2013. Under the terms of the term sheet, Matthew Hamilton, Eric Maas and Thomas Rand-Nash, the founders of Fuelist, will be entitled to additional cash and stock consideration in the event that Fuelist is sold for $50 million or more at any time during the next two years. If Fuelist is sold with six months then Matthew Hamilton, Eric Maas and Thomas Rand-Nash will receive a bonus of 7.5 % of the full purchase price on closing of the sale plus an extra 1 million shares of Chancellor common stock, if within 12 months, a bonus of 5% and 500,000 shares, if within 18 months, 2.5% and 250,000 shares, if within 2 years, 2% and 150,000 shares. At the end of 2 years, all bonus payments are extinguished. The Board shall be comprised of four Directors, three of whom will be Matthew Hamilton, Eric Maas and Thomas Rand-Nash. The fourth Director will be appointed by Chancellor.
Chancellor Group Inc. (OTCBB:CHAG) completed the acquisition of 51% stake in Fuelist, LLC from Matthew Hamilton, Eric Maas and Thomas Rand-Nash on October 29, 2013.
Chancellor Group, Inc. (Chancellor) is a provider of financial planning and investment management services. The Company provides personal financial planning through its MoneyGuide Pro. MoneyGuide Pro is a financial planning technology, to formulate a strategy to reach the clientâs goals. As part of its comprehensive planning process, the Company advises the clients as their fiduciary on a range of issues, including tax planning, investment strategy, estate planning, insurance and risk management, career planning, debt management, cash flow, group benefits, charitable giving strategies, and social security and pension analysis. The Company provides investment management services through its platform. Black Diamond Wealth Platform is a technology in the industry. This mobile friendly portal integrates with MoneyGuidePro, its financial planning tool, to help us keep you informed to the clientâs investments and financial planning goals in real-time and on demand.