On December 15, 2021, the board of directors of IFAN Group, LLC., (the “Company” or “IFAN”) confirmed by unanimous consent participation in a court hearing regarding a proposed settlement resolving a suit filed against the Company, referenced here in as styled Taurean Group, LLC, a Michigan limited liability company, Plaintiff, vs. IFAN Financial Inc., a Nevada corporation, Defendant (the “Lawsuit”).
The Lawsuit relates to debts owed by the Company, totaling $16,000,000, for the acquisition of 365,000 square foot property.
The Parties entered into an agreement (the “Settlement Agreement”) in which the Company and Taurean Group, LLC agreed to seek a settlement agreement via Section 3(a)(10) settlement resolution in the principal amount of ($18,000,000) eighteen million dollars (the “Settlement Agreement”).
IFAN Financial, Inc’s board of directors has considered the Settlement Agreement and has resolved that its terms and conditions are fair to, and in the best interests of, IFAN and its stockholders. The terms and conditions of the Settlement Agreement were, are, and will be fair to and in the best interests of all of the parties.
Pursuant to the Settlement Agreement, the parties filed a Motion for Fairness Determination and Order Approving Settlement and Dismissing Case. It was filed and approved.
In ratifying the Settlement Agreement, the Company, upon the Court’s order, agrees to issue to Taurean shares of the Company's common stock until IFAN’s total gross sales of such common stock equal $18,000,000. In full settlement of the Lawsuit and that when issued hereto, the settlement shares shall be freely tradable without legend or restriction pursuant to Section 3(a)(10) of the Securities Act of 1933 and shall be validly issued, fully paid and non-assessable shares.
On January 21, 2022, the court approved the transaction.
Effective: January 21, 2022
Chairman Chief Executive Officer and President