Verus International Inc (VRUS)

[Crozz]

If the Dutch PPE order is delivering, that means Verus funded this order. TAM didn’t have the funds to fulfill these orders. Anshu follows through on the business side. Besides he already said they have a binding irrevocable agreement in place.

Anshu Bhatnagar

Sure. So, yes, regarding the 8-K, the way the transaction was structured and sort of the speed of the transaction to get the transaction done, because we had orders in hand and we wanted to move quickly on this at that point. So the way we structured that transaction is, we basically agreed to the terms in a binding term sheet, right.

So, we had a binding term sheet that laid out every transaction term of how this transaction would – how the – all the economics work in that. Then we have an irrevocable agreement that we put in place.

That said that, hey, look, we are going to move forward and the reason we didn’t go straight to a purchase agreement is, because it was a free zone company out of the Philippines and we needed Philippine counsel to add certain language in there, which we weren’t able to get.

So, even though the transaction is complete and irrevocable, there was certain language we wanted to sort of have introduced in the final purchase agreement as it relates to Philippine law, when it comes to the free zone and how the transaction would specifically – all the sort of stuff that needs to be done locally.

And so, when speaking to our counsel, here, they said, look, you don’t – you should 8-K it after that agreement is done. We expect that 8-K to go out hopefully this week. We are hoping to do it before this call. But, just dealing with all that and most likely we are still hoping to get it done this week and that’s really where that stands