Item 2.01 Completion of acquisition or disposition of assets
Petlife Pharmaceuticals, Inc. and Red Rock Alternative Fund LLC. ("RRAF") have
entered into an Agreement dated January 15, 2020, whereby Petlife will purchase
a controlling interest in a new joint venture to grow, market and sell hemp
products. In order to effectuate the joint venture, the parties have established
a new company, THE MAYE INTERNATIONAL GROUP SARL ("NEWCO"), fifty-one (51)
percent of which is owned by Petlife and forty-nine (49) percent is owned by
Company; RRAF has irrevocably assigned to NEWCO, two thousand (2,000) hectares
of private lands of Land in the Democratic Republic of Congo (DRC); such land
has a lease term of at least 6 years. In consideration for the asset, Petlife
shall transfer five hundred million (500,000,000) common shares of Petlife to
Company in two stages; a.) 250 Million upon signing the JV b.) 250 Million upon
the land being planted with Hemp Seeds.
Petlife's previous business was engaged in the research, development, sales, and
support of drugs and nutraceuticals for pet cancer and autoimmune related
diseases; Petlife will entirely change its course of business to participate in
this joint venture; Petlife believes that this joint venture is in the best
interest of the company and the shareholders.
Petlife anticipates a company name change after the new management has been
appointed to more accurately reflect the new nature of the business.
Upon the issuance of 500,000,000 restricted shares of common stock by the
Company to Company pursuant to the Joint Venture Agreement (See Item 1.01 -
Entry into a Material Definitive Agreement, above), a change of control will
take place. The shares involved in the transactions constitute approximately 65%
of the Company's currently issued and outstanding shares of common stock.
Petlife will institute a management change within 30 days of January 15, 2020.
Upon appointment of new management, Sebastian Serrell-Watts will concurrently
resign as Chief Executive Office, President, Secretary, Treasurer, Chief
Financial Officer, and a Director of the Company.
© Edgar Online, source Glimpses