NEGS - National Energy Services Co Inc

- Current report filing (8-K)
Date : 11/04/2010 @ 9:10AM

Item 1.01 Entry into a Material Definitive Agreement.

On October 29, 2010, Applied Concepts for Energy Corp, a subsidiary of NX Global, INC. entered into a definitive agreement with Propalms Limited to purchase 4.95% of the intellectual property or 4.95% of the common shares of Propalms Ltd, a United Kingdom corporation for 50,000,000 restricted common shares of NX Global, Inc. that had already been transacted to a third party out of a Stock Purchase Agreement signed September 2, 2010 by and between National Energy Services Inc. and Propalms International Ltd. The minimum value of this agreement is $500,000.

NX Global, Inc. acquired $500,000 of Preferred Series A Stock of ProTek Capital, Inc. for 50,000,000 common shares of stock.

Item 1.02 Termination of a Material Definitive Agreement.

NX Global, Inc. (the “Company”) has terminated the Stock Purchase Agreement signed September 2, 2010 by and between the Company and Propalms International Ltd. The Agreement was terminated by mutual consent of all parties and returns the parties to their original condition, except for the distribution of 100 Million shares of the common stock of the Company that was delivered to ProTek Capital Inc. and will not be returned. In exchange for those shares, the Company will now receive $500,000 of Preferred Series A Stock of ProTek Capital, Inc. and 4.95% of the intellectual property or 4.95% of the common shares of Propalms Ltd, a United Kingdom corporation

So if I am reading this right... it appears that 100 million shares will start flooding into the open market via ProTek Capital.

Looks like toxic financing to me... and what seems even more strange is that in the first item, it says that Protek recieved 50 million restricted shares, but in the second item it reads: Agreement was terminated by mutual consent of all parties and returns the parties to their original condition, except for the distribution of 100 Million shares of the common stock of the Company that was delivered to ProTek Capital Inc. and will not be returned

I will be watching this tomorrow to see if they timed the press release just to give ProTek the opportunity to sell their shares at a higher share price.

This is all IMO and just an attempt to understand these filings and press releases.

up 208% today...

added position, seams to have a fairly low O/S of 265 million and getting heavier volume today.

Closed @ .001 Nice.

  News out:

AUSTIN, TX, Apr 20, 2011 (MARKETWIRE via COMTEX) -- NUBE, Inc., a wholly owned subsidiary of NX Global Inc. (OTCBB: NEGS), announces the signing of a new business development agreement with Circle Computer Resources for the launch of two new locations with additional locations to be announced.

NUBE, Inc.'s President, Robyn Bailey, stated, "I am extremely pleased to announce a new business development agreement between NUBE, Inc. and Circle Computer Resources, Inc."

NUBE, Inc. is a Virtualization/Cloud Computing Company with specialty focuses on training, hosted services, and consulting services.

NUBE, along with its VMware Authorized Training Center (VATC) partner, Arrow Electronics (ECS), will offer VMware training as well as Microsoft products and other technologies.

Ms. Bailey stated: "What makes NUBE training different from other IT training offerings will be the hardware based format that the alliance with CCR will provide. CCR will arrange datacenter locations where NUBE will build high end training facilities giving IT professionals a real world environment on which to learn enterprise technologies like VMware."

The first locations NUBE and CCR have identified and scheduled are Las Vegas, Nevada and Northern Virginia. Training facilities and NUBE offices will soon follow in Tampa, Florida and Albuquerque, New Mexico.

The company goal is to go global through its partnership program and generate revenues exceeding $4 million through 2012.

Each data center location will also host NUBE's "Cloud Lab" hosted test and development services. Training and Cloud Lab will bring additional revenue streams to datacenters. NUBE looks forward to leveraging the natural synergies that exist between NUBE and Circle Computer Resources.

About CCR

Circle Computer Resources, Inc. is committed to efficiently providing specialized IT services to clientele looking for unique solutions. http://www.ccr.net/