10/05/2026 | Press release | Distributed by Public on 10/05/2026 12:25
Item 1.01Entry into a Material Definitive Agreement.
On October 2, 2026, Omniteck Engineering Corp. (the "Company") entered into an Asset Purchase Agreement with Omnitek Corp. ("Buyer"), and Werner Funk as Buyer Executive, pursuant to which the Company sold to Buyer substantially all of the assets of the Company related to the business operations of Company as they relate to the development and sales of proprietary technology to convert diesel engines to an alternative fuel, new alternative fuel engines, and complementary products. Under the Asset Purchase Agreement, the Buyer assumed all liabilities, contracts associated with the Purchased Assets as defined in the Asset Purchase Agreement. The transactions contemplated by the Asset Purchase Agreement closed on October 2, 2026.
The foregoing description of the Asset Purchase Agreement is qualified in its entirety by reference to the Preferred Purchase Agreement filed as Exhibits 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
Also on October 2, 2026 and with the closing of the transaction contemplated by the aforementioned Asset Purchase Agreement, Werner Funk, terminated his employment agreement with the Company and forgave and waived the back salary of $632,273 and all debts owing by the Company to Mr. Funk
Item 8.01 Other events
As a result of the closing of the acquisition of Hard Rock Ready Mix, LLC and the Asset Purchase Agreement, the Company has transitioned its business to operations in the ready-mix business located in North Carolina.
As of the date of this Current Report on Form 8-K, the officers and directors of the Company are:
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Officers: |
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President and CEO |
Kevin Jay Hayes Jr. |
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Vice President |
Werner Funk |
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Chief Financial Officer |
Kevin Jay Hayes Jr. |
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Secretary |
Kevin Jay Hayes Jr. |
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Directors: |
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Kevin Jay Hayes Jr. |
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Brett Kiker |
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Werner Funk |
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Gary S. Maier |
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John M. Palumbo |