Innovative Payment Solutions, Inc. (OTCPK:IPSI) signed a non-binding letter of intent to acquire Business Warrior Corporation (OTCPK:BZWR) on February 13, 2024. Innovative Payment Solutions and BZWR have certain convertible note investors in common. The total consideration provided to or for the benefit of BZWR equity holders (including holders of warrants and other outstanding preferred stock or other convertible securities of BZWR), as applicable would be in the form of newly-issued shares of Innovative Payment Solutions common stock representing forty percent (40%) of the Common Stock immediately following the Closing.

One purpose of the Proposed Transaction would be to convert the indebtedness of both Innovative Payment Solutions and BZWR held by the Note Holders into equity securities of Innovative Payment Solutions. The transaction is subject to the approval of the stockholders of both Innovative Payment Solutions and Business Warrior and the satisfaction of other conditions to closing.