Alterola Biotech, Inc. (OTCPK:ALTA) entered into an agreement to acquire Algae Energy, Inc. from Affinity Energy and Health Limited (ASX:AEB) for $0.6 million on May 27, 2019. The agreement was Amended in June 2019. As part of the agreement consideration shall be paid $0.1 million in cash for 100% of the share of Affinity Health and Energy and $0.5 million as the debt forgiveness for the balance of loans owed by Affinity Health and Energy to Algae Energy to acquire license from Affinity Health and Energy for algae production technology and intellectual property in North America. Upon closing, Algae Energy will become a wholly owned subsidiary of Alterola Biotech and the current officers and directors of the Company shall resign and nominees of Affinity Health and Energy shall be appointed as officers and directors of the Alterola Biotech. The transaction is subject to necessary governmental and third party consents, authorizations and approvals, Affinity Health and Energy obtaining shareholder approval, Australian Stock Exchange Disclosure, the parties entering into an exclusive sub-license agreement for the algae production technology and intellectual property, the parties entering into a standard form royalty agreement in respect of a 20% net royalty payable to Affinity Health and Energy in respect of the sale and exploitation of human algae nutraceutical products in North America, the parties entering into a standard form royalty agreement in respect of a 2% net royalty payable to Affinity Health and Energy on commercial sales and licensing of any new IP developed by Algae Energy post-closing which uses both the algae IP and any cannabis products; AEB obtaining a release of the Algae Energy shares from any security holder so the shares may be sold unencumbered, Alterola Biotech and Algae Energy providing to Affinity Health and Energy a full and final release on the loans made by Algae Energy to Affinity Health and Energy and Alterola Biotech and Algae Energy providing to Affinity Health and Energy a full and final release from any and all obligations relative to the contracts with Reliance Industries in India. Affinity Health and Energy's Board of directors has unanimously approved the sale of Algae Energy Inc. to Alterola Biotech Inc. The transaction is expected to close by August 15, 2019 or date agreed by the parties.

Alterola Biotech, Inc. (OTCPK:ALTA) cancelled the acquisition of Algae Energy, Inc. from Affinity Energy and Health Limited (ASX:AEB) on May 27, 2020.