Item 1.01 - Entry into a Material Definitive Agreement
>On December 30, 2021, Predictive Technology Group, Inc.("Predictive"), a
corporation incorporated and existing under the laws of Nevada (traded in the
OTC Market under the symbol "PRED") entered into a binding term sheet (the
"Agreement") with Healthtech Solutions, Inc. ("Healthtech"), a company
incorporated under the laws of Utah. Under the terms of the Agreement,
Predictive has agreed to sell to Healthtech its wound care related assets owned
primarily by Predictive Biotech, Inc. (a wholly owned subsidiary of Predictive).
In consideration for these assets, among other things, Healthtech will create a
company to commercialize the wound care assets, and Predictive will receive a
thirty percent (30%) ownership interest in that company. Healthtech will provide
operating capital to the newly formed company and to Predictive Biotech. In
addition, Healthtech has agreed to make loans to Predictive in the approximate
amount of $500,000 upon the achievement of certain benchmarks, including the
mutual execution of a formal purchase agreement for the wound care assets. Under
the Agreement Predictive will also receive an initial 20% royalty on the gross
margin earned from the sale of wound care products to specified accounts (Refer
to Exhibit 10.1 attached)
Certain statements contained in this current report on Form 8-K are
forward-looking statements and are based on future expectations, plans and
prospects for Predictive's business and operations and involve a number of
risks. Predictive's forward-looking statements in this report are made as of the
date hereof and Predictive disclaims any duty to supplement, update or revise
such statements on a going forward basis whether as a result of subsequent
developments, change or expectations or otherwise. In connection with the "safe
harbor" provision of the Private Securities Litigation Reform Act of 1995, any
forward looking statements contained herein, including actual events or results
may differ materially from those contained in these forward-looking statements.
Important factors that could cause further events or results to vary from those
addressed in the forward-looking statements include, without limitation, risks
and uncertainties arising from the ability of Predictive to meet loan
benchmarks; unanticipated or unfavorable regulatory matters; and other risk
factors as discussed in Predictive's other filings made from time to time with
the United States Securities and Exchange Commission.
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