On June 26, 2020, the Company approved the signing of a non-binding Letter of Intent (“LOI”) for the acquisition of Cannyx Corporation, Limited (“Cannyx”) a United Kingdom Corporation. The LOI contains a binding confidentiality provision. If after a period of due diligence all terms and conditions are agreed and conditions to Closing are met, definitive agreements would be executed, and Cannyx would become a wholly owned subsidiary of the Company. If Closing occurs as anticipated, these transactions could be dilutive to existing shareholders. No assurance can be had that the above transactions will be satisfactorily concluded. If these transactions are in fact concluded, the acquisitions will be reported in a report on Form 8-K.
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