Avatar Ventures Corp. (OTCPK:ATAR) entered into a nonbinding memorandum of understanding to acquire Vauntek Inc. on November 19, 2013. The memorandum of understanding contemplates a share exchange agreement between the parties wherein Vauntek will become a wholly owned subsidiary of Avatar or other arrangements will be made satisfactory to the parties.

The definitive agreement is expected to be entered on or before February 15, 2014. As per the announcement on February 11, 2014, Avatar Ventures and Vauntek agreed to extend the proposed merger acquisition agreement date to March 30, 2014. Avatar Ventures Corp.

(OTCPK:ATAR) signed an agreement to acquire Vauntek Inc. on March 31, 2014. The terms include, among other things, the issuance of new shares of Avatar, cancellation of certain control block shares, financing as well as other terms and conditions typical for a transaction of this nature. Rob Albi of DGR Advisors LLC acted as public relations advisor for the transaction.