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TOPIC: ARBK - Air Brook Airport Express, Inc.

ARBK - Air Brook Airport Express, Inc. 12 years 3 months ago #1150

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[ARBK - Air Brook Airport Express, Inc.]
ARBK is cleaning up its balance sheet. They spun off their business for the cancellation of 150,000 shares.

Pursuant to agreements entered into in 1991 and 1993 between Air Brook Limousine, Inc. (“ABL”) and the Company (and its wholly owned subsidiary, A.B. Park & Fly, Inc.), ABL agreed to perform the various business functions of the Company for which ABL agreed to pay the Company a fee. The agreements are cancelable at will by ABL (and upon 90 days prior notice by the Company). ABL has notified the Company that it has experienced extraordinary increases in the cost of performing the agreements and advised the Company of its intention to cancel the agreements.

As part of a settlement of issues, the Company entered into an Agreement and Plan of Reorganization dated March 8, 2007, pursuant to, among other things, the Company has agreed that its wholly owned subsidiary A.B. Park & Fly, Inc. would be merged with and into a wholly owned subsidiary of ABL, wherein the separate existence of A.B. Park & Fly, Inc. would cease, in consideration for which ABL has agreed to deliver to the Company 150,000 shares of the Common Stock of the Company, currently held by ABL, which the Company would cancel as outstanding shares.
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