Ecologic Systems, Inc. signed a letter of intent to acquire Amazonas Florestal, Inc. on February 6, 2012. As of March 16, 2012, Ecologic Systems, Inc entered into share exchange agreement to acquire Amazonas Florestal, Inc. Under the terms of agreement, Ecologic Systems will issue 70 million shares to Amazonas Florestal shareholders. Upon closing, Amazonas Florestal will become wholly owned subsidiary of Ecologic Systems. Former shareholders of Amazonas Florestal shareholders will hold 97% of outstanding capital stock and Ecologic Transportation, Inc. will hold 3%. As on December 31, 2011 Amazonas Florestal has total assets of $47.22 million and total common equity of $47.1 million. The transaction is subject to regulatory approvals, third party approvals, Amazonas having no more than 20 million shares outstanding at closing, financial audit of Amazonas and requires approval from Amazonas Florestal shareholders. The transaction has also been unanimously approved by Ecologic Transportation's Board of Directors. The transaction has also been approved by Board of Directors and majority shareholders of Amazonas Florestal. William Macdonald of W. L. Macdonald Law Corporation acted as legal advisor for Ecologic Systems. James Dodrill of Law Offices of James Dodrill, P.A. acted as legal advisor for Amazonas Florestal. Ecologic Systems, Inc. completed the acquisition of Amazonas Florestal, Inc. on March 16, 2012.