Forwardly Inc (FORW)

[chereb19]

https://backend.otcmarkets.com/otcapi/company/financial-report/226602/content


NOTE 5 – COMMITMENT
The Company and Starsona Inc. (“Starsona”), a Delaware corporation entered into a nonexclusive letter of intent (“LOI”) on June 21, 2019. In accordance with the LOI, the Company and
Starsona will enter into a negotiation period through August 23, 2019 at which time, if the parties
agree will enter into a definitive agreement, whereby the Company will endeavor to acquire equity
in Starsona in exchange for an aggregate cash investment of $10,250,000, on a best efforts basis.
The parties understand that the investment must be raised by the Company through an offering
of its own equity to the public. As the LOI is non-exclusive, the Company will have the right to
match the terms of any investment agreement for over $2,000,000 that Starsona enters into with
third parties, provided that, (a) the third party investment agreement is entered into during the
negotiation period; (b) the Company’s investment is on substantially similar terms; and (c) the
parties execute the definitive agreement by the end of the negotiation period. The LOI will
terminate upon either mutual written consent of both Starsona and the Company; or the expiration
of the negotiation period.