Item 7.01. Regulation FD Disclosure.
On March 29, 2022, Sollensys Corp (the "Company") issued a press release
announcing entry into an agreement with Smart City Capital. Smart City Capital
provides cities of all sizes the power to become smart, connected, and
resilient, reducing the existing digital divide. Pursuant to the terms of the
agreement, Smart City Capital agreed to purchase three of the Company's Regional
Service Centers that will provide blockchain based data archives for multiple
cities. The equipment purchase represents a $2.25 million investment by Smart
City Capital in infrastructure to be financed and hosted by the Company over a
five-year period. The agreement also includes a commitment by Smart City Capital
to utilize multiple petabytes of blockchain storage space at a cost of
approximately $2 million annually, for a $4.25 million total initial commitment.
The agreement was initiated and coordinated through Acadia Leadership Partners
("Acadia"), an industry channel network and independent member of BDO Alliance
USA. The Company will pay Acadia a standard commission representing 40% of the
equipment fees collected, pursuant to the agreement, by the Company and a
percentage of the hosting fees pursuant to the agreement.
The information included in this Item 7.01, including Exhibit 99.1, shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liabilities of that section, nor shall such information be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing. The information set forth under this Item 7.01 shall not be
deemed an admission as to the materiality of any information in this Current
Report on Form 8-K that is required to be disclosed solely to satisfy the
requirements of Regulation FD.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release of the registrant dated March 29, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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