The Grilled Cheese Truck, Inc. (OTCPK:GRLD) agreed to acquire TSL Distribution, LLC on January 31, 2017. The purchase consideration comprises the issue of 0.2 million shares of restricted common stock of The Grilled Cheese Truck, warrants to acquire 200,000 additional shares at $1.00 per share for a three year term, a cash payment of $0.05 million, and a promissory note to the principals of TSL for $0.15 million due in two years. The shares to be issued to TSL shareholders are subject to one year lock up period and a two year leak out. Completion of the transaction is subject to Board approval from The Grilled Cheese Truck, and the execution of employment agreement, and approval from the local licensing authorities. The employment agreement was duly entered into on January 31, 2017. As of February 3, 2017, the transaction was approved by The Grilled Cheese Truck's Board of Directors.