On September 16, 2013, Coquí Radio Pharmaceuticals, Corp. (“Coquí”) closed a transaction through which Coquí purchased 9,500,000 shares of common stock and agreed to purchase an additional 400,000 shares of common stock of SMSA Crane Acquisition Corp. (the “Company”) for total proceeds of $280,000 from Carolyn Shelton and Halter Financial Investments, L.P. Because of the delay in transferring 400,000 shares of the Company’s common stock from street name, $50,000 of the $280,000 remains in escrow pending delivery of the stock certificate. An amendment to the Escrow Agreement provides that if the certificate is not delivered to Coquí by November 15, 2013, Coquí may request return of the $50,000 which is being held in escrow.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with Coquí’s purchase of control of the Company as described above, Ms. Carolyn Shelton resigned as Chief Executive Officer, President, Secretary and Chief Financial Officer of the Company and appointed Mr. Alberto Burckhart to fill those positions. In addition, Mr. Burckhart was appointed to the Board of Directors of the Company. Subject to compliance with Rule 14f-1 under the Securities Exchange Act of 1934, Ms. Shelton shall resign as a director.
Since February 2013, Mr. Burckhart has been the principal at the Burckhart Law Office. From April 2011 until January 2013, Mr. Burckhart was an investment banker at Pariter Securities. He also is currently associated with Pariter Securities. From August 2008 until March 2011, Mr. Burckhart served in business development for Caribbean Radiation Oncology. Mr. Burckhart is 36 years old.