Life Clips Inc. (the “Company”) has entered into a letter of intent to acquire certain assets of Vidbox Mexico Inc., a Nevada corporation including up to 4,000 VidBox Kiosks.
VidBox Kiosks allow people to rent movies or videos games.
Currently, VidBox, through its subsidiaries, operates over 360 Vidbox kiosks in Mexico.
The VidBox Kiosks are located in grocery stores, mass retailers, drug stores, restaurants and convenience stores including Wal-Mart, Bodega Aurrera, 7-Eleven and Soriana.
VidBoxcharges fees to rent or purchase a movie or video game and pays retailers a percentage of the revenue generated. However, the kiosks were built by NCR and can support transactions beyond video rental.
Pursuant to the letter of intent the Company will issue toVidBox a number of common shares equaling 65% of the Company’s common stock on a fully diluted basis, at the closing of the transaction.
As part of the transaction the Company will convert existing debt to equity.
It is anticipated that the closing of the transaction will be on or about November 20, 2018.
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