Olie Inc. (OTCBB:OLIE) entered into contract to acquire MVP Holdings, Inc. for CAD 35 million on January 14, 2014. As per the agreement, MVP will receive as consideration, 14 million Series D Anti Dilutive Convertible Preferred Shares priced at CAD 2.5, convertible into OLIE common stock and 4.9% of Olie's issued capital in common Stock (anti dilutive provisions included). The parties have also agreed to evaluate the future value of MVP on a quarterly basis for the purpose of issuing more convertible preferred stock as the MVP's operations become more productive.

The assets of MVP remain the property of MVP. MVP Holdings reported net stock holder's equity of CAD 35 million. MVP's President will be appointed to the Advisory Board of Olie.

The transaction will not affect the seating of officers of MVP. The transaction is subject to the completion of the consolidated financial statements of MVP. On January 23, 2014, the Board of Directors of Olie approved the transaction.