SpectrumDNA, Inc. (OTCPK:SPXA) entered into a non-binding letter of intent to acquire Bik Air, LLC for $0.2 million in stock January 30, 2015. SpectrumDNA will issue 50 million shares as purchase consideration. In a related transaction, SpectrumDNA, Inc. entered into a letter of intent to acquire Cannon Resources, LLC and Cannon Resources Holdings, LLC on January 30, 2015.

The letter of intent is subject to the execution of an acquisition agreement, completion of due diligence by the parties of each other, Bik Air obtaining audited and other statements necessary for SEC filing, number of issued or issuable common shares of SpectrumDNA being maximum 336 million and entering into certain agreements along with the Board of Directors of SpectrumDNA to include five members, Parrish B. Ketchmark, Terrence J. Dunne, Philip Jan Cannon, Kib Cannon and another nominees as agreed. SpectrumDNA also intends to raise $4 million in equity financing before the close of the transaction. The capital raising is not a condition to transaction completion.

The definitive agreement is expected to be signed within 30 days.