DENG +387% MJ news out! Item 8.01 Other Events.
On May 15, 2014 the Registrant signed a letter of intent to acquire all of the issued and outstanding shares of common stock of Grow Solutions, Inc. (“Grow”). Grow is a developmental stage company that intends to lease equipment, distribute products and provide management services for grow operators in the Marijuana industry. At closing, we will issue to Grow, 51 million shares of our common stock. Subject to an increase in our authorized capital, we will be required to issue Grow an additional 700,293,957 shares of our common stock.
Prior to Closing, we will be required to file all SEC reports through December 31st 2013. Grow will be required to have $1,250,000 in capital. The foregoing terms and conditions will be incorporated in a share exchange agreement whose terms and conditions must be agreed upon between the parties.
Following Closing, the Company will undertake to spin-off its currently operating subsidiaries.
The foregoing is a summary of the material terms and conditions of the Letter of Intent. You are urged to review the Letter of Intent which is attached hereto as Exhibit 10.1.
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