Item 1.01 - Entry into a Material Definitive Agreement
On
General Terms: A new company ("NewCo") shall be formed by and owned exclusively
by
The below assets will be irrevocably transferred and assigned to NewCo free and clear of any encumbrance;
All ownership, rights and entitlements to PLSI Vanuatu, its contracts, agreements and relationships with the Vanuatu Government and all service providers, irrespective of geolocation.
All ownership, rights and entitlements to PLSI Canada, PLSI Vanuatu or Company products, internet domains, branding and materials including but not limited to;
Trade secrets and knowhow, and concepts to be patented for the creation of a series of formulations, specific genetic plant selection and delivery systems designed by botanists, biologists, chemical and industrial engineers for the purposes of maximizing the efficacy of medical cannabis for the targeted treatment of specific diseases, including diabetes, cancers, neurological and phycological disorders, autoimmune diseases, as well as a series of generic medical cannabis products for doctor prescription. All products are designed to be produced to pharmaceutical (cGMP) standards and to be regulated as a controlled substance. Each Targeted Treatment Medical Cannabis product designed for doctor prescription is based on different and specific ratios of whole plant cannabinoids and terpenes, extracted from specific plant strains and optimized through the extraction and recombination process, prior to encapsulation in the precisely dosed delivery system. Each has been designed to replace existing synthetic pharmaceuticals, reducing risk profiles and increasing efficacy in patient care. The products include;
Phoenix Metabolic - designed to maximize efficacy in the treatment of diabetes and its complications through increasing pancreatic function and insulin sensitivity, while improving liver function and reducing neuropathic pain and neuropathy, reducing inflammation and reducing appetite.
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Phoenix Auto - designed to target and treat autoimmune diseases, specifically including rheumatoid arthritis, crohns disease and psoriasis. Providing pain management, anti-inflammatory and greater regulation of the autoimmune diseases, without compromising the autoimmune functions of the body.
Item 1.02 Termination of a Material Definitive Agreement
Pursuant to the terms of the Settlement Agreement and General Release, executed
Item 2.01 Completion of Disposition of Assets
Pursuant to the terms of the Settlement Agreement and General Release, executed
All ownership, rights and entitlements to PLSI Vanuatu, its contracts, agreements and relationships with the Vanuatu Government and all service providers, irrespective of geolocation.
All ownership, rights and entitlements to PLSI Canada, PLSI Vanuatu or Company products, internet domains, branding and materials including but not limited to;
Trade secrets and knowhow, Phoenix Metabolic,
Item 2.02 Results of Operations and Financial Condition
At this time, the Company has disposed of the majority of its assets and is
responsible for an approximate
It is anticipated by the Board that the Company will file for Chapter 11 bankruptcy and create a plant for restructuring, reorganization and reemergence by the end of 2020.
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
The Board has determined that the Form 10-K filed on
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Pursuant to the terms of the Settlement Agreement and General Release, executed
Item 5.07 Submission of Matters to a Vote of Security Holder.
Pursuant to the terms of the Settlement Agreement and General Release, executed
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