Frontera Group, Inc. is unwinding several earlier transactions and restructuring leadership. The company rescinded stock and membership interest purchase agreements with Texas G&S Investments and Global Market Link, including related notes of $25,000,000, $6,500,000, and $500,000, and reversed a San Juan, Texas real estate deal by assigning the property and obligations to STX Border Capital Partners.
Frontera also terminated an asset purchase agreement with Intellimedia Networks, returned the Intellimedia assets, and ceased related operations; no Frontera common shares were issued for that acquisition or for the employment of Teodros Gessesse and Darshan Sedani, whose employment agreements were terminated as they resigned. Leadership changes include the resignation of Mann C. Yam and Andrew Luna, with K. Bryce Toussaint becoming board chair, then Chief Executive Officer and Chief Financial Officer.