Item 1.01 Entry into a Material Definitive Agreement.
On December 12, 2022, Point of Care Nano-Technology, Inc. (the "Company")
entered into an asset purchase agreement (the "Agreement") with Global Foods
Group, LLC ("GFG") and its majority member, GFG Partner Holdings, LLC, pursuant
to which it agreed to acquire (the "Acquisition") substantially all of the
assets of GFG, consisting of assets relating to the sugar substitute that GFG
has been developing, Jaca®. In exchange for the Jaca related assets, the Company
will issue to GFG and/or its designees 7,000,000 shares of the Company's common
stock. Upon the closing of the Acquisition, which will effect a change of
control of the Company, Peter Ferrari, the majority member of GFG Partner
Holdings, LLC, the controlling member of GFG, will become the CEO and a director
of the Company. Mr. Ferrari will also become the Company's new majority
shareholder controlling approximately seventy percent (70%) of the Company's
voting stock following the closing. Nicholas DeVito, the current CEO and
controlling stockholder of the Company through the 1,000 shares of
super-majority class A preferred stock of the Company that he holds, will retain
his positions with the Company as Treasurer, Secretary and Chief Financial
Officer and director. Mr. DeVito will exchange his 1,000 shares of the Company's
super majority class A preferred stock, through which he currently exercises
eighty percent (80%) voting control over the Company, for 2,000,000 shares of
the common stock of the Company. The closing of the Acquisition is contingent
upon, among other things, GFG's raising, prior to the closing, a minimum of
$1,500,000 to be contributed to the Company upon closing as part of the
purchased assets under the Agreement, for working capital purposes. There can be
no assurances that GFG will be able to raise these funds or that this
acquisition will successfully close.
In connection with the Acquisition, the Company also agreed assume approximately
$33,000 in certain payables obligations of GFG.
The shares of Company common stock to be issued in connection with the
Acquisition (as described above) will be issued pursuant to a private placement
exemption from registration under the Securities Act of 1933, as amended, and
will be considered "restricted securities."
Following the Acquisition, the Company's business is expected to focus on the
Jaca product development activity currently being carried on by GFG as a
development-stage company. However, the Company expects to continue its
developing animal nutrition and supplements business.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report:
Exhibit No. Description of Exhibit
10.1 Asset Purchase Agreement dated as of December 12, 2022 by and
between the Point of Care Nano-Technology, Inc. and Global Foods
Group, LLC
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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