Defense Technologies International Corp (DTII)

[Poco Parvenu]

Again, if you were paying attention, the 10/17/2016 8K, states:

DTC has informed us that it is unable to complete the required audited financial statements. Accordingly, DTII will not be able to consolidate DTC's financial statements into our audited financial statements. After a thorough review of the situation and discussions with DTC, we have mutually agreed to rescind the acquisition of DTC and entered into a Rescission Agreement and Mutual Release, effective October 17, 2016.

Under the terms of the Rescission Agreement, the original Definitive Agreement to acquire DTC is rescinded and deemed null and void, together with any additional agreements, amendments, extensions or other contracts related to the Definitive Agreement. Also, the 100% owner of DTC retains his 100% ownership interest in DTC, no DTII shares will be issued pursuant to the Definitive Agreement and no assets will be transferred. Further, each of DTC and DTII agreed to mutually release the other party from any agreements, obligations, liabilities, claims and demands related to the Definitive Agreement.

In connection with executing the Rescission Agreement with DTII, DTC rescinded its agreement with the inventor and developer of the assets and technology related to the defense, detection and protection products that were the subject of the original Definitive Agreement. Thereafter, DTII entered into negotiations with the inventor with a view of licensing the technology.

On October 19, 2016, DTII entered into a new Definitive Agreement with CCS that included a new exclusive Patent License Agreement and Independent Contractor Agreement. Under the agreements, CCS granted to DTII an exclusive license to the assets comprising the technology and products of the defense, detection and protection security products invented and developed by the inventor and CCS.

Since then, the company restructured, the PSSI subsidiary was incorporated, they got a new Marketing Director, Mark Taggatz, they cancelled the RS, they reduced debt and developed a new website for PSSI.

It looks to me that DTC had many problems, so the merger was cancelled by both companies. Now DTII is licensed directly by the inventor.

Do you think all the above was done at no cost and that the above events didn't effect production?

Do try to keep up...