Algae.Tec Limited (ASX:AEB) entered into a binding heads of agreement to acquire 19.9% stake in NS Technologies Pty Ltd for AUD 0.88 million on February 12, 2018. As consideration, AUD 0.1 million cash will be paid within 48 hours of signing the term sheet, 7.5 million shares of Algae.Tec Limited will be issued on completion of the conditions precedent, 17.5 million shares of Algae.Tec Limited will be issued on NS Technologies Pty Ltd receiving USA patent approval for the technology and 25 million three year, options will be issued to acquire ordinary shares in Algae.Tec Limited, at an exercise price of AUD 0.15 per share. Under the agreement, Algae.Tec Limited will also exclusively license a patented delivery platform technology developed by NS Technologies Pty Ltd for use across any medical application developed by Algae.Tec Limited. Algae.Tec Limited (ASX:AEB) cancelled the acquisition of 19.9% stake in NS Technologies Pty Ltd on February 12, 2019.