Item 1.01. Entry into a Material Definitive Agreement.
The Registrant (Team 360 Sports Inc) entered into the "General Agreement" with
Crank Media Inc ("CMI") on December 21, 2020. A copy of the General Agreement is
included as an Exhibit to this Form 8-K Report.
The General Agreement includes terms and conditions providing for the following:
1. Sandor Miklos will resign as both Chief Executive Officer and Chief
Financial of the Registrant and will be replaced by Stephen Brown.
2. Sandor Miklos will remain on the board of directors, the other
current directors will resign, and Stephen Brown and Douglass Magallon will be
appointed to the board of directors.
3. The Registrant will change its name from "Team 360 Sports Inc" to
"Crank Media Inc".
4. The Registrant will change its trading symbol from "TSOP" to "CRNK".
5. CMI will settle two debts owed by the Registrant that are outstanding
in the amounts of $100,000 and $30,000 within 45 days of the General Agreement.
6. CMI agrees that all film, TV, music and digital VR projects owned by
Stephen Brown and CMI will be "merged into the public company and become the
assets of the surviving entity Crank Media Inc the then traded company. These
projects include all assets currently on the website www.crankmedia.ca."
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
10.1 General Agreement dated December 21, 2020 by and between Team 360
Sports Inc and Crank Media Inc
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