Company gets new CEO and business, will change name to Reven Housing
By Angela McDaniels
Tacoma, Wash., July 9 - Bureau of Fugitive Recovery, Inc. issued $52,789 of 10% convertible promissory notes due July 2, 2013 to four accredited investors on July 2.
Interest is payable at maturity, and the notes are callable at par at any time, according to an 8-K filing with the Securities and Exchange Commission.
If the company completes a financing in which it issues securities prior to the maturity date, the holders may exchange their notes for the new securities at the same price and on the same terms and conditions as the other investors in the new financing.
Chad Carpenter, the company's new president, chief executive officer, chief financial officer and a member of its board of directors, purchased $26,395 of the notes.
He also purchased 5,999,300 shares of common stock from some of the company's shareholders in a private transaction for $128,605. In connection with the transaction, 1.65 million shares were canceled. Carpenter is now the majority shareholder of the company with a 71.8% stake.
Bureau of Fugitive Recovery was a bounty hunter based in Denver. It has moved to La Jolla, Calif., and on July 5, it received shareholder approval to change its name to Reven Housing REIT, Inc.
The company plans to acquire portfolios of occupied and rented single-family houses. It said it has not made any acquisitions and will need additional funding to carry out its business plan.
| Issuer: | Bureau of Fugitive Recovery, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $52,789
|
| Maturity: | July 2, 2013
|
| Coupon: | 10%, payable at maturity
|
| Conversion option: | Notes are exchangeable for any new securities sold by the company in a financing prior to the notes' maturity date
|
| Call option: | At any time at par
|
| Warrants: | No
|
| Investors: | Chad Carpenter (for $26,395) and three other investors
|
| Settlement date: | July 2
|
| Stock symbol: | OTCBB: BRFG
|
| Stock price: | $0.15 at close July 9
|
| Market capitalization: | $1.5 million
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