Turbo Ion, Inc. signed a non-binding letter of intent to acquire Pepcap Resources, Inc. (TSXV:WAV) in a reverse merger transaction on February 16, 2017. Under the terms of the transaction, Pepcap Resources to acquire Turbo Ion for an aggregate purchase price of CAD 15 million at a deemed share price of CAD 0.025. Upon completion of the transaction, the shareholders of Turbo Ion would expect to own approximately 80% of Pepcap Resources. The letter of intent is due expire in February 2018. Turbo Ion, Inc. cancelled the acquisition of Pepcap Resources, Inc. (TSXV:WAV) in a reverse merger transaction on January 4, 2018.