UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________
FORM 8-K
________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest event Reported): May 16, 2019
FLITWAYS TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 000-55316 | 47-2489112 |
| (State of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
224 Datura Street, #1015
West Palm Beach, FL 33414
(Address of principal executive offices)
Phone: (855) 710-0915
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events.
The company brings attention to its press release of May16. 2019.
The official company email is interimotcmanagement@ gmail.com
The interim management role, since October 2018 original and primary mandate was to reduce FTWS expenses, increase revenues with additional ride-sharing vehicle's and similar See 8k filed Oct 16 2018 turned into what can best be described as a salvage operation. The FTWS business description as displayed on OTC Markets namely <sic> FlitWays (Stock Symbol: FTWS) is an innovative, disruptive travel technology company that offers a convenient, cost-effective ground transportation solution for corporate travelers .. has been written off to nil dollar value. The subsequent filings namely April 17 2019, allowed the company to attract new accredited and similar investors; together with the May 10 2019. This later filing removed the financial hardship burden of reporting and paved the way for the company to catch its breath, to look for ways and means to restore some meaningful operations again; as the interim management attempts to recalibrate its affairs back with other opportunities and rebuild.
T he company launched a new business model being rental of cars and boats and a new web site https://carboatrental.com/
Whilst FTWS is burdened with a large debt the management continues to look for ways and means to resolve and address this matter with different and complex swap and or settlement methods. See 8-K filed October 16, 2018 for some of the relief the Company is seeking.
The current www.carboatrental.com business model is providing Flitways with cash flows and the ability to operate the business without a loss. Flitways is no longer experiencing a negative monthly cash burn during its restructuring phase.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 4 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| FLITWAYS TECHNOLOGY, INC. | ||
| By: | /s/Daniel Sobolewski | |
| Daniel Sobolewski | ||
| Chief Executive Officer | ||
Date: May 17, 2019
| 5 |
Exhibit 99.1
Flitways Technology Inc. (FTWS) Corporate Update
WEST PALM BEACH, Fla. - May 16, 2019 - PRLog -- FlitWays Technology Inc. (OTC Markets: FTWS), Interim management is providing this update to its followers, regarding FTWS current business affairs, and future plans moving forward. The company brings attention to certain filings made with SEC which are self-explanatory, and especially the 8k filed Oct 15, 2018 regarding certain trauma and hardships the company experienced www.otcmarkets.com/filing/conv_pdf?id=13008751&guid=q_AyUqqVMiVeIth
The interim management role, whose original and primary mandate was to reduce FTWS expenses, increase revenues with additional ride sharing vehicle's and similar, turned into what can best be described as a salvage operation. The FTWS business description as displayed on OTC Markets namely <sic> FlitWays (Stock Symbol: FTWS) is an innovative, disruptive travel technology company that offers a convenient, cost-effective ground transportation solution for corporate travelers .. has been written off to nil dollar value. The subsequent filings namely April 17 2019, allowed the company to attract new accredited and similar investors; together with the May 10 2019. This later filing removed the financial hardship burden of reporting and paved the way for the company to catch its breath, to look for ways and means to restore some meaningful operations again; as the interim management attempts to recalibrate its affairs back with other opportunities and rebuild.
Mr. Daniel Sobolewski, interim manager at FTWS said "As we move forward with FTWS in our rebuilding process the May 10, 2019 does not mean the end of FTWS as many of our followers suggested?! To us It is actually a new beginning. Moving forward FTWS will file its periodic reports on OTC Markets. Our plans are to keep FTWS at a Current rank or at the minimum a yield rank as defined by OTC Markets.
https://www.otcmarkets.com/corporate-services/information... Our rebuilding process on a shoe string budget has already commenced. For example and as aforementioned drawing on our original mandate we entered into an agreement to provide car and yacht rental services in a role of a wholesaler. www.carboatrental.com
Whist FTWS is burdened with a large debt which we continue to look for ways and means to resolve and address this matter with different and complex swap and or settlement methods. The current www.carboatrental.com business model is providing us with cash flows and ability to operate the business flat. Flat meaning we are able to cover our expenses and no longer experiencing a negative monthly cash burn. As we work our way through this hardship we continuously seek other opportunities and may not remain in the technology and tourism industry sector permanently. As we further move forward in the future with our restructuring and rebuilding plans, FTWS intends to release timely updates via regular news service and through periodic reports on OTC Markets and or SEC filing services (as permitted by exemptions) as the interim management and its financial backers work in concert towards reaching our common goals"
More details will follow on a timely basis.
Contact:
interimotcmanagement@gmail.com (mailto:inteimotcmanagement@gmail.com)
Tel: 561 631 9222
Disclosure:
Information in this news release may contain statements about future expectations, plans, prospects or performance of FTWS that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. FTWS cautions you that any forward-looking information provided by or on behalf of FTWS is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind FTWS's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond FTWS's control. In addition to those discussed in FTWS's press releases, public filings, and statements by FTWS's management, including, but not limited to, FTWS's estimate of the sufficiency of its existing capital resources, FTWS's ability to raise additional capital to fund future operations, FTWS's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match FTWS's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. FTWS does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Contact
Flitways Technology Inc. (FTWS)
***@gmail.com