Just a reminder....
On May 4, 2015, InoLife Technologies, Inc., a New York corporation (the “Registrant” or “Company”), entered into a binding letter of intent (“LOI”) with Sports Shop Network LLC (“SSN”) and Wideshot Productions/Media LLC (“Wideshot”), pursuant to which the Registrant has agreed to purchase from SSN 20,000 television minutes that may be used for the placement of short or long form insertions (advertising) on selected national cable networks, regional cable networks, cable carriers, satellite carriers and local wired full power television stations (the “Media Minutes”). SSN acquired the right to use the Media Minutes from Wideshot. The purchase price for the Media Minutes is $100,000 of which $25,000 shall be paid within 45 days after the execution of a definitive asset purchase agreement for the purchase of the Media Minutes. After the Registrant has paid the purchase price in full, the Registrant is required to secure additional funding over a six (6) month period which will be used to put the Media Minutes into production.
This LOI is (1 mutually binding between the Seller and Purchaser or (2) a notice from Purchaser to Seller that Purchaser is terminating the LOI as a result of unsatisfactory results from the Due Diligence or Seller’s failure to provide Due Diligence materials. This LOI will expire if Seller does not execute this LOI by the close of business on May 5, 2015.
I wonder why they just didn't wait one more day before they released this filing so they could state whether they affected the LOI.
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