Biorenewable Technologies, Inc. and Harp Electrical Eng. Limited (Harp) signed a non-binding letter of intent to acquire Renovare Environmental, Inc. (OTCPK:RENO) in a reverse merger transaction for $12 million on June 17, 2022. Pursuant to the transaction all the outstanding shares of capital stock of Harp will be transferred to RENO in exchange for an aggregate of 20,000,000 restricted shares of RENO Common Stock Immediately after the closing of the transactions contemplated herein, the Harp Shareholders will own approximately eighty four percent (84%) of the issued and outstanding shares of RENO Common Stock, on a fully-diluted basis, and the shareholders of RENO will retain and own approximately sixteen percent (16%) of the issued and outstanding shares of RENO Common Stock, on a fully-diluted basis .The letter of intent provides that if Renovare terminates the letter of intent, it will be required to pay Harp a breakup fee in the amount of $850,000. Details of the proposed transaction and a time frame for completing the proposed merger will be announced if and when the parties execute a definitive agreement. The parties have entered into a period of exclusivity in order to negotiate the proposed transaction in good faith. The transaction is subject to consummation of all required definitive instruments and agreements, obtaining all necessary board, shareholder, third-party, and applicable regulatory consents, satisfactory completion by RENO and Harp of all necessary technical and legal due diligence. The anticipated closing date for the Reverse Merger (the “Closing Date”) will be on or before September 2, 2022. EF Hutton, division of Benchmark Investments, LLC served as financial advisor to RENO.