UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM 8-K
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported): August 20, 2010
REVOLUTIONARY
CONCEPTS, INC.
(Exact
Name of Registrant as Specified in its Charter)
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Nevada
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333-151177
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27-0094868
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(State
or Other Jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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Revolutionary
Concepts, Inc.
2622
Ashby Woods Dr
Matthews,
NC 28105
(Address
of Principal Executive Offices)
Registrant's
telephone number, including area code: 704-622-6327
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section
1 - Registrant's Business and
Operations
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Item
1.01.
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Entry
into a Material Definitive Agreement.
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On August
16, 2010, Revolutionary Concepts, Inc. (the “Company”) and Rainco Industries,
Inc. and U.S. Financial Alliance Consultants, LLC (the “Consultants”) entered
into an Agreement (the “Agreement”) to provide certain advisory and investor
relations and financial services to the Company.
The
Agreement provides for, among other things: (i) the issuance of 20% of the
issued and outstanding shares of the Company; (ii) a board of directors position
for Mr. Solomon Ali and Mr. Claude McDougal. (iii) 10% of any debt financing
arranged (iv) an agreement for an option to purchase 5,000,000 shares at a price
to be determined.
Item
5.02.
Departure of Directors or Certain Officers, Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
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At a
special meeting on August 16, 2010, the Board of Directors of Revolutionary
Concepts, Inc. (the “Company”) elected Claude McDougal and Solomon Ali to
be directors of the Company, effective August 16, 2010.
Mr. Ali
comes to Revolutionary Concepts with 22 years’ experience in investor relations,
corporate finance, investment banking, mergers, acquisitions, corporate
structure, and raising investment capital through capital markets, debt and
private equity. He is a highly qualified corporate executive, and previously
served as Vice President for Primerica, R & R Investments, and raised over
$80 million in investment capital and structured financing in his last two
transactions. His experience also includes corporate valuation, capitalization
structure, development of Private Placement Memoranda, business plans, client
positioning, and managing the investment process with securities attorneys and
CPA's for SEC regulatory compliance and corporate registration
filings.
As
President and CEO of the U.S. Financial Alliance Consultants, LLC Group of
companies, Claude D. McDougal has grown a secure
foundational base that is built on a vast wealth of resources providing services
in various financial and insurance arenas. Prior to forming USFAC, Claude
McDougal spent over 20 years in one of the distribution arms for the financial
giant Citigroup. As a Senior Vice President in that organization, Claude was
directly responsible for recruiting, mentoring and developing Regional Vice
Presidents as well as expanding revenue streams through cross-selling various
financial products.
The
Consultants will receive compensation as outlined within the Consulting
Agreement by and between all Parties dated August 16, 2010.
The
Company also entered into a Consulting Agreement under which the Consultants
have agreed to provide consulting services, as outlined in the agreement, to the
Company during the period beginning on August 16, 2010 and ending on July 16,
2015 (the “Consulting Period”). Under this agreement the Consultants will
receive 4,706,784 common shares for services provided to the
Company.
Mr. Ali
and Mr. McDougal will also be employed by the company to direct investor
relations activities and to oversee finance, mergers and
ac6uisitions. Salary and benefits have not yet been
determined.
SIGNATURES
Pursuant
to the requirements of Section 12 of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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REVOLUTIONARY
CONCEPTS, INC.
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Date:
August 20, 2010
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/s/ Ronald
Carter
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Name:
Ronald Carter
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Title:
Chairman and President
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