14. ACQUISITION OF SANNABIS SAS
On July 25, 2019, the Board of Directors authorized the execution of that certain Acquisition Agreement (the “Acquisition Agreement”) with Sannabis S.A.S., a Cali, Colombia corporation. Sannabis is a privately held corporation engaged in the business of growing and shipping Hemp Products, which provide treatments for various medical issues.
In accordance with the terms and provisions of the Acquisition Agreement: (i) Sannabis agrees to transfer and assign its assets, intellectual property, interests and management rights in and to all of its operations; (ii) the Company agrees to recapitalize; (iii) View Systems technology will be operated and consolidated into an entity called View Systems International, Inc.(VSI), a wholly-owned subsidiary of the Company and shall be consolidated into the Company’s financials; and (iv) the Board of Directors shall be Mr. Gunther Than, Director and Chairman of VSI.; Mr. Juan Campo, Director and President of View Systems, Inc.; and Mr. Juan Paulo Guzman, Director and Chief Operations Officer of the Sannabis Operation.
The parties also agreed that the Company’s current President/Chief Executive Officer, Gunther Than, shall be retained as a consultant and remain a member of the Board of Directors of the Company for a period of at least two years
