Ceelox, Inc. entered into an asset purchase agreement to acquire substantially all of the assets of Send Global Corporation from iTeknik Holding Corporation.

Ceelox, Inc. (OTCPK:CELO) entered into an asset purchase agreement to acquire substantially all of the assets of Send Global Corporation from iTeknik Holding Corporation (OTCPK:ITKH) in cash and stock on October 25, 2012. Under the terms of the agreement, Ceelox shall pay $1.75 million in cash, issue 12 million shares of its common stock and assume certain of Send Global's liabilities. Ceelox shall pay iTeknik Holding $0.12 million before November 22, 2012, and $0.12 million before January 31, 2013. On the closing date, Ceelox shall deliver iTeknik the remaining cash payment of $1.5 million, less the audit adjustment amount and issue of 12 million shares of Ceelox's common stock or the additional optional cash payment of $0.5 million. If at any time between the 7 month anniversary of the closing date and the 24 month anniversary of the closing date the aggregate value of the common stock consideration is not equal to at least $0.5 million based upon a 10 day volume weighted average price calculation, then the Ceelox shall pay Send Global an amount in cash equal to the shortfall. In the event if the transaction is terminated Ceelox would be required to issue 12 million shares of its common stock to iTeknik as a break-up fee.

The transaction is subject to the approval of the shareholders of iTeknik Holding, execution and delivery of employment agreements with several individuals currently involved with the Send Global business, execution of a consulting agreement with Fred Wick and completion of satisfactory audit. The deal is expected to close on the first business day following the six month anniversary of the date of the agreement. Jeffrey A. Rinde of Blank Rome LLP acted as the legal advisor for Ceelox Inc. Paul Burkhart of Law Offices of Paul J. Burkhart acted as the legal advisor for iTeknik Holding Corporation.

On July 23, 2013, iTeknik Holding announced the delay in the schedule closing of the agreement with Ceelox, Inc. The original closing date for the transaction had been April 25, 2013. On April 24, 2013 iTeknik Holding and Ceelox, Inc. agreed to reschedule the closing date until May 25, 2013. As Ceelox, Inc. did not complete the requirements for the closure of the asset purchase agreement, the scheduled closing has been further delayed and no new closing date has been established as of now.