Buddhavarapu Farms SA (BFS) signed a share exchange agreement to acquire Farm Lands of Africa, Inc. (OTCPK:FLAF) from La Solution SARL, Craven House Capital Plc, Investment Arm, Desmond Holdings Ltd and other shareholders in a reverse merger transaction on July 30, 2012. Under the terms of the agreement, Buddhavarapu Farms will acquire 18.4 million shares of Farm Lands common stock representing 66.7% stake in Farm Lands in exchange of 0.01 million shares of BFS common stock, representing 100% of the outstanding shares of BFS. As a part of the transaction, S.N. Kumar Buddhavarapu was appointed as a Director of Farm Lands of Africa. Also, prior to closing of the transaction, the number of members in the Board of Directors of Farm Lands shall be fixed at 5 until Farm Lands appoints up to an additional 3 directors effective the closing of the transaction.

The transaction is subject to regulatory approval, entry into a lock up agreement with the shareholder of BFS and execution of employment agreement. The transaction has been approved by the Board of Directors of Buddhavarapu Farms and Farm Lands of Africa. The transaction is expected to close no later than the fifth business day following the satisfaction or waiver of the last to be satisfied or waived of the conditions set forth in the agreement. Darren L. Ofsink of Ofsink, LLC acted as legal advisor to Farm Lands and Mariam Konate acted as legal advisor to Buddhavarapu Farms. Dan McClory of Hunter Wise Financial Group, LLC acted as financial advisor to Farm Lands.