SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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):
September 19, 2007
CARLATERAL, INC.
______________________________________________________
(Exact Name of Registrant as Specified in its Charter)
Nevada 000-52639 20-4158835
_____________ ___________ ____________
State of Commission IRS Employer
Incorporation File Number I.D. Number
P.O. Box 031-088, Shennan Zhong Road, Shenzhen City, P.R. China 518031
______________________________________________________________________
Address of principal executive offices
Registrant's telephone number: (212) 561-3604
112 North Currie Street, Carson City, Nevada, 89703
___________________________________________________________
Former Name or Former Address, if Changed Since Last Report
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):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 5.01. CHANGE IN CONTROL OF REGISTRANT.
On September 19, 2007, Max Time Enterprise Ltd ("Purchaser") purchased
from a shareholder of Carlateral, Inc. (the "Company") an aggregate of 7,000,000
shares of the Company's outstanding common stock, $.001 par value, for a total
purchase price of $200,000 (the "Stock Transaction"). The purchased shares
constituted, in the aggregate, 67.9% of the issued and outstanding shares of the
Company's common stock, resulting in a change in the controlling interest of the
Company.
Prior to the Stock Transaction, Donald Cameron, as the largest selling
stockholder of the Company, held 7,000,000 shares of the Company's common stock,
representing collectively 68% of the Company's issued and outstanding shares of
common stock.
The source of the funds with which Purchaser purchased such shares was
working capital.
ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.
Change of Management
On September 19, 2007, the Company's board of directors (the "Board")
was expanded from one to two members and Hui Ping Cheng was appointed as a
director of the Company, to serve until her successor shall be elected and
qualified until the earlier of her death, resignation or removal in the manner
provided for in the Company's by-laws. In addition, Ms. Cheng was nominated and
elected by the Board as President of the Company, to serve until her successor
shall be elected and qualified until the earlier of her death, resignation or
removal in the manner provided for in the Company's by-laws.
In conjunction with Ms. Cheng's appointment to the Board and election
as an officer of the Company, Donald Cameron submitted his resignation as a
member of the Board and as the Company's sole officer.
Business Experience of New Management.
Hui Ping Cheng, the newly appointed director and President of the
Company, previously served as a senior accountant and accounting department
director at Shenzhen Yi Zhi Pharmaceutical Company Limited from September 1998
until April 2007, where she managed and oversaw the company's accounting
department. Since April 2007, she has served as director and president of Max
Time Enterprise Limited, which positions she continues to hold.
Terms of Engagement.
As provided in the Company's by-laws, all directors shall hold office
until the completion of their term of office as provided in the Company's
by-laws, or until their respective successors have been elected or their earlier
death, resignation or removal. All officers are appointed annually by the Board
and, subject to any existing employment agreement, serve at the discretion of
the Board. As of this date, no written employment agreement exists between the
Company and Ms. Cheng, as new management. Currently directors of the Company
receive no compensation.
The Company will consider applying for officers and directors liability
insurance at such time as it has the resources to do so. The Company has
determined that it has neither sufficient members nor resources currently to
establish audit, compensation or other committees.
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Relationships and Related Transactions.
After giving effect to the Stock Transaction, Hui Ping Cheng is an
indirect owner of the 7,000,000 shares of the Company's common stock held by
Purchaser by reason of her control of Purchaser, of which entity she is the sole
owner, director and officer.
On September 19, 2007, Ms. Cheng was appointed as a director and the
President of the Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: September 19, 2007
CARLATERAL, INC.
By: /s/ HUI PING CHENG
____________________
Name: Hui Ping Cheng
Title: President
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