Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PETRONE WORLDWIDE, INC. | petrone8k.htm |
| EX-10 - EXHIBIT 10.2 - PETRONE WORLDWIDE, INC. | ex102.htm |
[Petrone Worldwide, Inc. Letterhead]
Memorandum of Undertaking
This Memorandum of Understanding is concluded between Petrone Worldwide, Inc. USA & Transpower Components (India) Pvt Ltd, Moradabad on October 21st, 2015
| · | It was agreed between both parties that Petrone Worldwide would acquire the Transpower Components (India) Pvt Ltd. Moradabad at a cost price of US$ 1.6 million. |
| · | Petrone Worldwide will do a leverage buy out. In other words, Petrone will issue PFWI common share which will be valued at $.40 of 50% value of the deal US $1.6 million ( 2 million common Shares) while balance 50% will be paid in 24 equal installments of US $ 33333.33 through wire transfers commencing six months from sign date. |
| · | Sale includes all capital goods, distribution channels proprietary information and all existing customers and their existing contracts of Walmart, Dominos, Amazon, Snap deal, Flip Card and others. |
It was agreed by both parties to finalize sale agreement on January 5th, 2016.
| /s/ Victor Petrone | /s/ Surender Gandhi |
| Victor W. Petrone Jr. | Surender Gandhi |
| CEO / President | CEO/ President |
| 1 |