Primo Nutraceuticals Inc BUGVF

RE:Has anyone read this yet about MCOA and Bougainville?

[riozenga]

Has this lawsuit been news released by BOG? On November 28, 2018 BOG news released that it was unaware of any material change...

(a)(1) On September 20, 2018, the registrant terminated its joint venture agreement with Bougainville Ventures, Inc., originally entered into on March 16, 2017, as amended on November 6, 2017. No material relationship exists between the registrant and any of its affiliates and any other parties with respect to the material definitive agreement. 

(2)(3) The registrant and Bougainville originally agreed to a joint venture with the goal of participating in the legalized cannabis business in Washington State. The parties intended to organize and operate a cannabis growth and cultivation business on land owned by Bougainville in Oroville, Washington. The registrant agreed to finance the joint venture with a cash payment of $800,000. The registrant also issued Bougainville 15 million shares of its common stock. Bougainville represented that it would provide the real property for the joint venture, computer controlled greenhouses and agricultural facilities and, as landlord, oversight of the operations of a cannabis licensee holding a I-502 cannabis license. Bougainville represented that the property was I-502 compliant, and that Bougainville had a lease payment arrangement with an I-502 license holder to operate on the land. Bougainville agreed to vend clear title to the real property associated with the I502 licensee to the joint venture within 30 days of the final payment by the registrant. Despite the registrant complying with its full financial obligations, Bougainville did not and has not transferred the real property to the joint venture. The registrant determined that Bougainville did not own the real property; misappropriated funds paid into the joint venture for its own purposes; and, did not possess an agreement with a licensed I-502 operator.

 

 

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The registrant filed suit against Bougainville, et al. in Okanogan County Superior Court, case number 18-2- 0045324. The registrant’s complaint seeks legal and equitable relief for breach of contract, fraud, breach of fiduciary duty, conversion, recession of the joint venture agreement, an accounting, quiet title to the property in the name of the registrant, for the appointment of a receiver, the return to treasury of 15 million shares issued to Bougainville, and, for treble damages pursuant to the Consumer Protection Act in Washington State. The registrant has filed a lis pendens on the real property.