Item
1.01 Entry into a Definitive Material Agreement
On
December 28th, 2006, we entered into a Stock Purchase Agreement (the
“Agreement”) with Darin and Michelle Oreman, Hexagon Financial, LLC and Low
Price.com, Inc., an Arizona coproration d/b/a RedCat Motors (“Redcat”) whereby
we agreed to purchase 100% of the common stock of RedCat. Upon the closing
of
the transaction, we have agreed to make a $1,600,000 capital contribution to
Redcat which will be immediately used to pay off the current debt of Redcat.
The
capital contribution will be made in common stock, cash or a combination of
both
as follows:
$1,600,000
in cash, or $1,000,000 cash, along with an additional $600,000 in cash, upon
completion of a successful $5,000,000 private placement by us on or before
January 31, 2007. If our private placement fails to raise the maximum offering
amount, we will pay $1,000,000 minimum in cash and an additional $600,000 in
a
combination of cash and stock..
The
closing of the stock purchase shall be on or before January 31,
2007.
a)
Financial Statements
None
b)
Exhibits
None
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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TANK
SPORTS, INC.
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Date: January
2, 2007
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By:
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/s/ Jing
Jing Long
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Jing
Jing Long
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Title:
Principal Executive Officer
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