Alternative Construction Tech Inc. Announces Resignation Of Anthony J. Francel As CEO-Form 8-K
March 20, 2009
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| Alternative Construction Tech Inc. announced in its Form 8-K that Anthony J. Francel resigned from the Board of Directors and as Chief Executive Officer (CEO). |
Alternative Construction Tech Inc. Announces Dismissal Of Foreclosure Action
December 4, 2008
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| Alternative Construction Tech Inc. announced that a lawsuit filed in the Eighteenth Judicial District in and for Brevard County by Roswell Capital Partners as agent, along with the respective funds, BridgePointe Master Fund, Ltd., CAMOFI Master LDC, and CAMHZN Master LDC (collectively the Investors) seeking an accelerated foreclosure on the Company's assets and the appointment of a receiver, was dismissed on December 3, 2008. The Company has previously acknowledged that mutual defaults did in fact occur in its filings with the Securities and Exchange Commission and that it has been unable to remedy its obligation to the Investors under certain conditions and actions imposed by the Investors and/or the prevailing economic and market conditions. The Company has and remains committed to diligently seeking a resolution to its financial condition which will allow the Company to continue to pursue significant business opportunities. The Company has also filed a claim against these Investors in Federal Court in the State of New York seeking damages for various actions taken against the Company and its shareholders. |
Alternative Construction Tech Inc. Files Suit Against Investors In Federal Court
December 2, 2008
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| Alternative Construction Tech Inc. announced that it has filed a complaint against Roswell Capital Partners and Centre Court Asset Management, along with their respective funds, BridgePointe Master Fund, Ltd., CAMOFI Master LDC, and CAMHZN Master LDC (the Investors) in New York Federal Court. The Company seeks a declaratory judgment against the Investors for alleged breach of contract and breach of fiduciary responsibilities by committing violations of the Federal Securities Act of 1933 and 1934 as amended, predatory investment banking practices, illegal trading activity, lender liability, negligence of the Entire Fairness Standard and committing several other malicious and tortuous actions. The Company alleges in its complaint that the Investors improperly contacted customers hindering its ability to operate its business in the normal course. The Company also alleges it was induced into entering agreements the Investors knew they were unable or unwilling to perfect, attempted collusion on several occasions and attempted undue influence of its board members to take certain actions in order for the Investors to gain control over the Company. |
Alternative Construction Tech Inc. Announces Resignation Of Michael Hawkins As CEO and Chairman-Form 8-K
September 9, 2008
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| Alternative Construction Tech Inc. announced in its Form 8-K that on September 4, 2008, Michael Hawkins resigned as CEO and Chairman of the Board of Directors. On that date, Anthony Francel, the Company's COO was named CEO and Chairman of the Board of Directors. Mr. Hawkins will continue as a member of the Board of Directors. |
Alternative Construction Tech Inc. Completes Up To $4.5 Million In Line Of Credit Financing
May 21, 2008
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| Alternative Construction Tech Inc. announced that it has completed a financing line of credit of up to $4.5 million with BridgePointe Master Fund, LDC, CAMOFI Master Fund, LDC, and The Private Bank of Atlanta, Georgia. Under the terms and conditions of the Line of Credit, the Company may draw up to 60% of the available balance of its contracts and purchase orders. |
