Avalanche International, Corp. (OTCPK:AVLP) entered into a share exchange agreement to acquire MTIX Limited from Pravin Mistry, Paul Johnson and Daniel Johnson for $15 million on March 3, 2017. Under the terms of the transaction, the consideration for the class A and class B shares of MITX will be paid through convertible promissory notes of $9.5 million and $0.5 million in cash, $0.05 million of which has already been paid and 0.1 million shares of Avalanche's newly designated shares of Class B convertible preferred stock to Pravin Mistry, the majority shareholder of MITX. Pravin Mistry is the owner of Class A shares of MTIX while Paul Johnson and Daniel Johnson, own Class B shares of MTIX. Upon closing, subject to certain conditions, Avalanche International, Corp. will appoint two designees of Pravin Mistry to its Board of Directors. The transaction is subject to absence of litigation, accuracy of the representations and warranties, performance by the parties of certain covenants and agreements in all material respects, absence of a material adverse effect and all outstanding options, warrants or other rights to purchase MTIX Shares, and/or all outstanding notes, preferred stock, or other securities convertible into or exchangeable for shares of MTIX shares having been cancelled and be of no further force and effect, or converted, exercised or exchanged for MTIX shares. The transaction is expected to close by April 30, 2017. As of July 13, 2017, the expected closing date was amended to July 19, 2017. As of August 21, 2017, closing date was further extended to August 21, 2017. Pursuant to the amended agreement, on August 22, 2017, the Board of Directors of Avalanche International, Corp. appointed Pravin Mistry and Manuel Turchan to serve as members of the Board, effective August 22, 2017. Marc J. Ross of Sichenzia Ross Ference Kesner LLP acted as legal advisor for Avalanche International, Corp. Avalanche International, Corp. (OTCPK:AVLP) completed the acquisition of MTIX Limited from Pravin Mistry, Paul Johnson and Daniel Johnson on August 22, 2017.