form_s-8.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
COMPETITIVE
COMPANIES, INC.
(Exact name of Registrant as specified in its charter)
Nevada
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65-1146821
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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3751
Merced Drive, Suite A
Riverside,
California 92503
(Address of Principal Executive Offices, including ZIP Code)
2009
Non-Qualified Attorneys Compensation Plan
Donald
J. Stoecklein, Esq.
Stoecklein
Law Group
402
West Broadway, Suite 690
San
Diego, California 92101
(Name and address of agent for service)
(Telephone number, including area code, of agent for service)
CALCULATION
OF REGISTRATION FEE
Title
of Securities
to
be Registered
|
Amount
of
Shares
to
be Registered
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Proposed
Maximum
Offering
Price
Per Share
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Proposed
Maximum
Aggregate
Offering
Price(1)
|
Amount
of
Registration
Fee
|
|
|
|
|
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$0.001
par value common stock
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1,463,282
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$0.0225
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$32,923.85
|
$1.29
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(1)
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This
calculation is made solely for the purposes of determining the
registration fee pursuant to the provisions of Rule 457(c) under the
Securities Act of 1933, as amended, and is calculated on the basis of the
average of the high and low prices reported on the OTC Bulletin Board as
of July 2, 2009.
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PROSPECTUS
COMPETITIVE
COMPANIES, INC.
1,463,282
Shares of Common Stock
This prospectus relates to the offer
and sale by Competitive Companies, Inc., a Nevada corporation, of 1,463,282
shares of its $0.001 par value per share common stock to attorneys associated
with Competitive Companies, Inc. pursuant to the 2009 Attorneys Non-Qualified
Stock Compensation Plan (the “Attorneys Stock Plan”). Pursuant to the Attorneys
Stock Plan, Competitive Companies, Inc. is registering hereunder, based upon
received services and shares of common stock already issued, a total of
1,463,282 shares of common stock.
The
common stock is not subject to any restriction on
transferability. Recipients of shares other than persons who are
“affiliates” of Competitive Companies, Inc. within the meaning of the Securities
Act of 1933 (the “Act”) may sell all or part of the shares in any way permitted
by law, including sales in the over-the-counter market at prices prevailing at
the time of such sale. The common stock is traded on the OTC Bulletin
Board under the symbol “CCOP.”
These
Securities Have Not Been Approved Or Disapproved By The Securities And Exchange
Commission Nor Has The Commission Passed Upon The Accuracy Or Adequacy Of This
Prospectus. Any Representation To The Contrary Is A Criminal
Offense.
The
date of this prospectus is July 17, 2009
This
prospectus is part of a registration statement which was filed and became
effective under the Securities Act of 1933, as amended (the “Securities Act”),
and does not contain all of the information set forth in the registration
statement, certain portions of which have been omitted pursuant to the rules and
regulations promulgated by the U.S. Securities and Exchange Commission (the
“Commission”) under the Securities Act. The statements in this
prospectus as to the contents of any contract or other documents filed as an
exhibit to either the registration statement or other filings by Competitive
Companies, Inc. with the Commission are qualified in their entirety by reference
thereto.
A
copy of any document or part thereof incorporated by reference in this
prospectus but not delivered herewith will be furnished without charge upon
written or oral request. Requests should be addressed
to: Competitive Companies, Inc., 3751 Merced Drive, Suite A,
Riverside, California 92503. Competitive Companies, Inc. telephone
number is: (951) 687-6100.
Competitive
Companies, Inc. is subject to the reporting requirements of the Securities
Exchange Act of 1934 (the “Exchange Act”) and in accordance therewith files
reports and other information with the Commission. These reports, as
well as the proxy statements and other information filed by Competitive
Companies, Inc. under the Exchange Act may be inspected and copied at the public
reference facilities maintained by the Commission at 100 F Street, N.E.,
Washington D.C. 20549-0405. In addition, the Commission
maintains a World Wide Website on the Internet at http://www.sec.gov that
contains reports, proxy and information statements and other information
regarding registrants that file electronically with the Commission
No
person has been authorized to give any information or to make any
representation, other than those contained in this prospectus, and, if given or
made, such other information or representation must not be relied upon as having
been authorized by Competitive Companies, Inc. This prospectus does
not constitute an offer or a solicitation by anyone in any state in which such
is not authorized or in which the person making such is not qualified or to any
person to whom it is unlawful to make an offer or solicitation.
Neither
the delivery of this prospectus nor any sale made hereunder shall, under any
circumstances, create any implication that there has not been a change in the
affairs of Competitive Companies, Inc. since the date hereof.
TABLE
OF CONTENTS
Information
Required in the Section 10(a) Prospectus
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1
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Item
1.
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The
Plan Information
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1
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Item
2.
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Registrant
Information and Plan Annual Information
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2
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Information
Required in the Registration Statement
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3
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Item
3.
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Incorporation
of Documents by Reference
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3
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Item
4.
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Description
of Securities
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3
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Item
5.
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Interests
of Named Experts and Counsel
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3
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Item
6.
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Indemnification
of Officers, Directors, Employees and Agents
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4
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Item
7.
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Exemption
from Registration Claimed
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6
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Item
8.
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Exhibits
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6
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Item
9.
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Undertakings
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7
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Signatures
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8
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PART
1
INFORMATION
REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Item
1. The Plan Information.
The
Company
Competitive
Companies, Inc. has its principal executive offices at 3751 Merced, Suite A,
Riverside, California 92503. Competitive Companies, Inc.’s telephone
number is (951) 687-6100.
Purpose
Competitive
Companies, Inc. has issued shares of common stock to Stoecklein Law Group,
securities counsel to Competitive Companies, Inc., and is registering the shares
of common stock pursuant to the Attorneys Stock Plan, which has been approved by
the Board of Directors of Competitive Companies, Inc. The Attorneys Stock Plan
is intended to provide a method whereby Competitive Companies, Inc. will cover
the costs of legal services provided by Stoecklein Law Group, thereby advancing
the interests of Competitive Companies, Inc. and all of its
stockholders. A copy of the Stock Plan has been filed as an exhibit
to this registration statement.
Common
Stock and Options
The
Board has authorized the registration of 1,463,282 shares of the common stock at
$0.0225 per share upon effectiveness of this registration
statement. The price per share was calculated as follows:
Closing stock price as of July 2, 2009 is $0.045. Fifty percent
multiplied by $0.045 equals the price per share of $0.0225 (50% x $0.045=
$0.0225).
No
Restrictions on Transfer
Recipients
of shares of common stock will become the record and beneficial owner of the
shares of common stock upon issuance and delivery and are entitled to all of the
rights of ownership, including the right to vote any shares awarded and to
receive ordinary cash dividends on the common stock.
Tax
Treatment to the Recipients
The
common stock is not qualified under Section 401(a) of the Internal Revenue
Code. Therefore, a recipient will be required for federal income tax
purposes to recognize compensation during the taxable year of
issuance. Accordingly, absent a specific contractual provision to the
contrary, the recipient will receive compensation taxable at ordinary rates
equal to 50% of the fair market value of the shares ($0.0225 per share on the
date of issuance). Each recipient is urged to consult his tax
advisors on this matter.
Tax
Treatment to the Company
The
amount of income recognized by a recipient hereunder in accordance with the
foregoing discussion will be a tax deductible expense by Competitive Companies,
Inc. for federal income tax purposes in the taxable year of Competitive
Companies, Inc. during which the recipient recognizes income.
Restrictions
on Resale
In
the event that an affiliate of Competitive Companies, Inc. acquires shares of
common stock hereunder, the affiliate may be subject to Section 16(b) of the
Exchange Act. Further, in the event that any affiliate acquiring
shares hereunder has sold or sells any shares of common stock in the six months
preceding or following the receipt of shares hereunder, any so called “profit”,
as computed under Section 16(b) of the Exchange Act, may be required to be
disgorged from the recipient to Competitive Companies, Inc. Services
rendered have been recognized as valid consideration for the “purchase” of
shares in connection with the “profit” computation under Section 16(b) of the
Exchange Act. Competitive Companies, Inc. has agreed that for the
purpose of any “profit” computation under Section 16(b), the price paid for the
common stock issued to affiliates is equal to the value of services
rendered. Shares of common stock acquired hereunder by persons other
than affiliates are not subject to Section 16(b) of the Exchange
Act.
Item
2. Registrant Information and Plan Annual Information
A
copy of any document or part thereof incorporated by reference in this
registration statement but not delivered with this prospectus or any document
required to be delivered pursuant to Rule 428(b) under the Securities Act will
be furnished without charge upon written or oral request. Requests
should be addressed to: Competitive Companies, Inc., 3751 Merced Dr., Suite A,
Riverside, California 92503. The telephone number is (951)
687-6100.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3. Incorporation of Documents by Reference.
The
following documents filed with the Securities and Exchange Commission (the
“Commission”) by Competitive Companies, Inc., a Nevada corporation (the
“Company”), are incorporated herein by reference:
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a.
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The
Company’s latest Annual Report on Form 10-K for the year ended December
31, 2008, filed with the Securities and Exchange
Commission;
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b.
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The
Company’s latest Quarterly Report on Form 10-Q for the quarter ended March
31, 2009;
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c.
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The
reports of the Company filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) since the
fiscal year ended December 31, 2008;
and
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d.
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All
other documents filed by the Company after the date of this registration
statement pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act, prior to the filing of a post-effective amendment to this
registration statement which de-registers all securities then remaining
unsold, shall be deemed to be incorporated by reference in this
registration statement and to be a part hereof from the date of filing
such documents. Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any
subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration
Statement.
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Item
4. Description of Securities.
Class
of Securities being registered pursuant to the Plan are registered securities
under Section 12 of the Exchange Act.
Item
5. Interests of Named Experts and Counsel.
The
financial statements of Competitive Companies, Inc. are incorporated by
reference in this prospectus as of and for the year ended December 31, 2008, and
have been audited by Lawrence Scharfman & Co., CPA P.C., independent
certified public accountants, as set forth in their report incorporated herein
by reference, and are incorporated herein in reliance upon the authority of said
firm as experts in auditing and accounting.
Stoecklein
Law Group has rendered an opinion on the validity of the securities being
registered. Stoecklein Law Group is not an affiliate of Competitive
Companies, Inc., however, Stoecklein Law Group is registering 1,463,282 shares
of common stock under the Plan.
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Item
6. Indemnification of Officers, Directors, Employees and
Agents.
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Competitive
Companies, Inc. Articles of Incorporation contains provisions for
indemnification of its officers and directors; in addition, Sections 78.7502 and
78.751 of the Nevada General Corporation Laws provides as follows:
NRS
78.7502 Discretionary and mandatory indemnification of officers, directors,
employees and agents: General provisions.
1.
A corporation may indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, except an
action by or in the right of the corporation, by reason of the fact that he is
or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses, including attorneys' fees, judgments, fines and
amounts paid in settlement actually and reasonably incurred by him in connection
with the action, suit or proceeding if he:
a. Is
not liable pursuant to NRS 78.138; or
b. Acted
in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe his conduct
was unlawful.
The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, does not, of
itself, create a presumption that the person is liable pursuant to NRS 78.138 or
did not act in good faith and in a manner which he reasonably believed to be in
or not opposed to the best interests of the corporation, or that, with respect
to any criminal action or proceeding, he had reasonable cause to believe that
his conduct was unlawful.
2.
A corporation may indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in
the right of the corporation to procure a judgment in its favor by reason of the
fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses, including amounts paid in
settlement and attorneys' fees actually and reasonably incurred by him in
connection with the defense or settlement of the action or suit if
he:
a. Is
not liable pursuant to NRS 78.138; or
b. Acted
in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the corporation.
Indemnification
may not be made for any claim, issue or matter as to which such a person has
been adjudged by a court of competent jurisdiction, after exhaustion of all
appeals therefrom, to be liable to the corporation or for amounts paid in
settlement to the corporation, unless and only to the extent that the court in
which the action or suit was brought or other court of competent jurisdiction
determines upon application that in view of all the circumstances of the case,
the person is fairly and reasonably entitled to indemnity for such expenses as
the court deems proper.
3.
To the extent that a director, officer, employee or agent of a corporation has
been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in subsections 1 and 2, or in defense of any claim, issue
or matter therein, the corporation shall indemnify him against expenses,
including attorneys' fees, actually and reasonably incurred by him in connection
with the defense.
NRS
78.751 Authorization required for discretionary indemnification; advancement of
expenses; limitation on indemnification and advancement of
expenses.
1.
Any discretionary indemnification pursuant to NRS 78.7502, unless ordered by a
court or advanced pursuant to subsection 2, may be made by the corporation only
as authorized in the specific case upon a determination that indemnification of
the director, officer, employee or agent is proper in the circumstances. The
determination must be made:
a. By
the stockholders;
b. By
the board of directors by majority vote of a quorum consisting of directors who
were not parties to the action, suit or proceeding;
c. If
a majority vote of a quorum consisting of directors who were not parties to the
action, suit or proceeding so orders, by independent legal counsel in a written
opinion; or
d. If
a quorum consisting of directors who were not parties to the action, suit or
proceeding cannot be obtained, by independent legal counsel in a written
opinion.
2.
The articles of incorporation, the bylaws or an agreement made by the
corporation may provide that the expenses of officers and directors incurred in
defending a civil or criminal action, suit or proceeding must be paid by the
corporation as they are incurred and in advance of the final disposition of the
action, suit or proceeding, upon receipt of an undertaking by or on behalf of
the director or officer to repay the amount if it is ultimately determined by a
court of competent jurisdiction that he is not entitled to be indemnified by the
corporation. The provisions of this subsection do not affect any rights to
advancement of expenses to which corporate personnel other than directors or
officers may be entitled under any contract or otherwise by law.
3.
The indemnification pursuant to NRS 78.7502 and advancement of expenses
authorized in or ordered by a court pursuant to this section:
a. Does
not exclude any other rights to which a person seeking indemnification or
advancement of expenses may be entitled under the articles of incorporation or
any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise, for either an action in his official capacity or an action in another
capacity while holding his office, except that indemnification, unless ordered
by a court pursuant to NRS 78.7502 or for the advancement of expenses made
pursuant to subsection 2, may not be made to or on behalf of any director or
officer if a final adjudication establishes that his acts or omissions involved
intentional misconduct, fraud or a knowing violation of the law and was material
to the cause of action.
b. Continues
for a person who has ceased to be a director, officer, employee or agent and
inures to the benefit of the heirs, executors and administrators of such a
person.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers or persons controlling Competitive Companies,
Inc. pursuant to the foregoing provisions, Competitive Companies, Inc. has been
informed that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.
Item
7. Exemption from Registration Claimed.
Not
applicable.
Item
8. Exhibits.
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(a)
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The
following exhibits are filed as part of this registration statement
pursuant to Item 601 of the Regulation S-K and are specifically
incorporated herein by reference:
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Exhibit
No.
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Title
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5.1
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Legal
opinion of Stoecklein Law Group.
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10.1
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2009
Non-Qualified Attorneys Stock Compensation Plan
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23.1
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Consent
of Stoecklein Law Group
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23.2
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Consent
of Lawrence Scharfman & Co., CPA P.C.
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Item
9. Undertakings. The undersigned
registrant hereby undertakes:
(1)
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To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement
to:
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(i)
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include
any prospectus required by Section 10(a)(3) of the Securities
Act;
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(ii)
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reflect
in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represents a fundamental
change in the information set forth in the registration
statement;
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(iii)
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include
any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change
to such information in this registration
statement.
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Provided,
however, that paragraphs (1)(i) and (1)(ii) shall not apply if the information
required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.
(2)
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That,
for the purpose of determining any liability pursuant to the Securities
Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities offered at that time shall be deemed to be the
initial bona fide offering thereof.
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(3)
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To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
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(4)
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To
deliver or cause to be delivered with the prospectus, to each person to
whom the prospectus is sent or given, the latest annual report to security
holders that is incorporated by reference in the prospectus and furnished
pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under
the Securities Exchange Act of 1934; and, where interim financial
information required to be presented by Article 3 of Regulation S-X is not
set forth in the prospectus, to deliver, or cause to be delivered to each
person to whom the prospectus is sent or given, the latest quarterly
report that is specifically incorporated by reference in the prospectus to
provide such interim financial
information.
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(5)
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Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of registrant
pursuant to the foregoing provisions, or otherwise, registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities
Act and is therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by
registrant of expenses incurred or paid by a director, officer or
controlling person of registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, registrant
will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification is against public policy as
expressed in the Act and will be governed by the final adjudication of
such issue.
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The
undersigned hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of registrant’s annual report
pursuant to Section 13(a) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan’s annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the Registrant certifies it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized in the city of Riverside, California, on
July 17, 2009.
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COMPETITIVE
COMPANIES, INC.
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(Registrant)
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/s/ William
Gray |
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William
Gray
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Chief
Executive Officer
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POWER
OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints William Gray
as his or her true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any and all amendments, including
post-effective amendments, to this registration statement, and to file the same,
with exhibits thereto and other documents in connection herewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing
requisite and necessary to be done, as fully to all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or her substitute or substitutes, may do or
cause to be done by virtue hereof.
Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities and on the dates indicated.
Signature
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Title
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Date
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Principal
Executive Officers:
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/s/ William
Gray |
Chief
Executive Officer,
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July
17, 2009
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William
Gray
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Principal
Accounting Officer and Director
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/s/ Jerald
Woods |
Director
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July
17, 2009
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Jerald
Woods
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/s/ David
Hewitt |
Director
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July
17, 2009
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David
Hewitt
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/s/ Larry
Griffin |
Director
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July
17, 2009
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Larry
Griffin
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The Plan. Pursuant to the
requirements of the Securities Act of 1933, the board of directors have duly
caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Riverside, State of
California, on July 17, 2009.
COMPETITIVE
COMPANIES, INC.
Attorneys
Stock Compensation Plan
By: /s/ William Gray
William
Gray, Chief Executive Officer