Fireswirl Technologies Inc. announced that Fung will advance an interest-free loan to Fireswirl in the aggregate principal amount of $400,000, which loan shall be secured against the assets of the target business. The loan will be repayable at closing by way of set-off against the purchase price, provided that if the agreement is terminated, the loan must be repaid within thirty days, after which Fireswirl will pay interest at the rate of 10% per annum.

The company announced that Mr. Lau will assist the board in its recruitment process for a new CEO for a period of up to six months post closing, upon expiry of which he will resign from his role as CEO, although he will continue in his role as a director. The total Purchase Price payable is dependent on the satisfaction of certain conditions subsequent, including the resignation of Mr. Tony Lau as Fireswirl's CEO no later than six (6) months from closing, at which time Mr. Lau is expected to join the Purchaser as an employee. Mr. Lau is expected to serve on a consultancy basis to Fung in the interim period, if any, prior to his resignation.