MJardin Group Inc (OTCMKTS:MJAR) has been undertaking review and evaluation activities to help ramp up business operations, and business observers have termed part of the moves extreme. The termination of some particular management services agreements and consulting agreements (“MSAs“) with some top associates is considered inevitable. According to the business giant, the struck-out parties are in Colorado and Denver, and the termination is effective immediately.
The company speaks out on the latest changes
The company made it clear through a press release that it has ceased having active MSAs in Colorado, a severe move that has caused ripples on all sides.
The MSAs between the company and parties such as TwoG Ventures and 3B Ventures require that the parties reach a consensus. However, the company has made it clear that the latest move won’t affect the lease obligations, intellectual property agreements, and the promissory notes in deal currently.
MJardin wants to slash down its cash flow demands and sees the MSAs termination as the best way to achieve its goal. The move is a fantastic way to reduce the ongoing management obligations and the U.S. segment revenues, and eventually, the costs will go down. MJardin has made it clear that it won’t stop on its quest to explore the Colorado market’s available growth opportunities. It will also observe high levels of discipline in its approach to capital deployment.
On the other hand, Grupo Financiero Banorte S.A.B. de C.V. and IXE Grupo Financiero S.A.B. de C.V. merged on November 17, 2010. The relevant authorities, according to sources, were expected to play their part in approving that binding agreement reached by the two. These two business giants also pushed to get the required corporate approvals.
The publication of material events on February 8 and March 8 told a lot about the shareholders’ sentiments. These shareholders approved the company’s initiative to get the merger authorizations from the Ministry of Finance and Public Credit (SHCP) and the Antitrust Commission (Comision Federal de Competencia).
GFNORTE reveals that the shareholders expressed their will through a majority vote in favor of the merger that saw the two business gurus integrate to become one. The latest integration saw the companies come down to share one name, and that is the “Grupo Financiero Banorte S.A.B. de C.V.”