First Pet Life, Inc. Terminates Agreement With Direct Pet Health Holdings
DALLAS, July 31 /PRNewswire-FirstCall/ -- First Pet Life, Inc. (Pink Sheets: FPLF) announced today the company has elected to exercise its right to terminate the Asset Purchase Agreement with Direct Pet Health Holdings due terms of the Agreement not being met.
Terms outlined within the Asset Purchase Agreement between the Parties were structured with the intentions of First Pet Life attaining the resources for continued expansion as well as obtaining the means to allow the company to carry out key marketing objectives. Additional terms of the Agreement were structured to enable Direct Pet Health Holdings immediate operations within the pet industry.
The key terms of the Agreement specifically required Direct Pet Health Holdings to obtain approval of the proposed acquisition from the re-insurer of First Pet Life, Inc. pet insurance policies, The Hartville Group, Inc., this specific term was not fulfilled. Additional requirements called for Direct Pet Health Holdings to allot an agreed upon number of shares to First Pet Life, Inc., with the intent of First Pet Life, Inc. allocating these shares to it's current shareholders resulting in Direct Pet Health Holdings obtaining an investor base. The Agreement required First Pet Life, Inc. to relinquish all company assets pertaining to operations, which included the company's branded line of pet insurance, E-commerce store as well as all amended contracts pertaining to future company product expansions.
'Both companies formerly agreed to exclusive provisions within the Asset Purchase Agreement to benefit both companies to achieve long and short term objectives for growth. It is unfortunate that terms were not met but we are certain of the fact that it is in the best interest of First Pet Life, Inc. to immediately terminate any further involvement with Direct Pet Health Holdings. We certainly intended for our company and current shareholders to gain from this agreement but concede that this direction would not achieve these intentions. Plans regarding the future of First Pet Life, Inc. are now being thought-out and we plan to take the best route possible to move forward. We extend our apologies to our shareholders with hopes of restoring value to your investment and belief in First Pet Life, Inc.,' stated Founder of First Pet Life, Inc., Andre Williams.