Advantag AG cancelled the acquisition of Greenlite Ventures Inc. from United Nature and other shareholders in a reverse merger transaction.
Advantag AG entered into a revised letter of intent to acquire Greenlite Ventures Inc. (OTCBB:GLTV) from United Nature and other shareholders in a reverse merger transaction on September 6, 2012. Under the terms of the Revised Letter of Intent, Greenlite will acquire 66.67% of the shares of Advantag by issuing to Raik Oliver Heinzelmann, the principal shareholder of Advantag such number of shares of Greenlite as shall be equal to 65% of the number of Greenlite's outstanding shares resulting in a reverse takeover of Greenlite. The formal agreement shall now be executed by no later than December 31, 2012.
Advantag AG cancelled the acquisition of Greenlite Ventures Inc. (OTCBB:GLTV) from United Nature and other shareholders in a reverse merger transaction on January 9, 2013. Greenlite has not been able to raise sufficient funds to permit it to meet the financial requirements and did not meet the financial requirements before the letter of intent expired on December 31, 2012.