Safer Shot Inc. (SAFS)

[Rick026]

January 16, 2006, the Company entered into a letter of undertaking and an escrow services agreement with Mr. Yehuda Meller and his company, T.A.G Engineering Ltd. Pursuant to the terms of the letter of undertaking, the Company has agreed to purchase patent applications filed with the Israeli Patent Office: patent application no. 161777-8, which was filed on December 4, 2005 and patent application no. 162809-8, which was filed on December 13, 2005. The patent applications relate to a less than lethal weapon currently known as the "Bouncer", which is in its development stage. The Company entered into the escrow agreement so that the patent applications will be held in trust and not assigned to any other party until the earlier of the closing of the patent application purchase or April 30, 2006. The Company signed an amended agreement in July 2007. In April 2010, the Company came to an agreement with Mr. Meller concerning the patent and technology. Mr. Meller received 1,388,339 shares of the Company's common stock in settlement of the issues.