EARTH LIFE SCIENCES INC. (OTCMKTS:CLTS) Files An 8-K Completion of Acquisition or Disposition of Assets
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF CERTAIN ASSETS
The Company entered into an agreement on January 6, 2020 with the Miltean Technology Group to provide an Artificial Intelligence (“AI”)-driven “mileage based” loyalty system for public transportation. “Miltean” is the plural of miles and defined as “for miles and miles”. The purpose of Miltean’s AI is to identify what loyalty rewards and incentives should be given to whom and when to entice maximum-efficiency usage of public transportation based on unique rider behavior. The term “maximum efficiency” is a strategy such as return on investment (ROI); increase of ridership, decongestion analysis, interruption of service compensation, congestion management, prediction and analysis of ridership usage patterns. The delivery of the software can be directed to various rider groups by way of apps, via contactless smart cards or multi-tenant platforms.
Under the terms of the agreement, the Company will issue 32 million common shares to the Miltean Group and upon receiving a working version of the software and necessary support documentation, the Company will issue 125 million shares after testing, acceptance, and license transfer of the software. Further issuances of 100 million shares will be based on gross sales of $1 million being reached in a consecutive twelve-month period within 3 years a further 100 million shares after gross sales of $5 million being reached in a consecutive twelve-month period within 5 years. All shares being issued are restricted.
On February 20, 2020 the Company issued 32 million shares to the Miltean Group to the agreement. Also, on February 20, 2020 the Company issued 325 million shares to an escrow agent to be held to the terms of an escrow agreement signed on January 6, 2020. All of the parties receiving shares are at arm’s length to one another and the officers and directors of the Company.
to the acquisition of the White Channel mineral property, several years ago, where a total of 225 million shares were issued, these shares have been returned to the Company and cancelled by the transfer agent. The Company had discontinued exploration and development of the White Channel property in 2017. The Company did not receive any cash consideration as set out the agreement.
About EARTH LIFE SCIENCES INC. (OTCMKTS:CLTS)
Earth Life Sciences Inc. is a development-stage company. The Company’s projects include White Channel Silica/Gold Project and the Gold Buck Copper/Gold Project. The White Channel project is located over 40 miles east of Williams Lake, British Colombia, approximately 200 miles North of Vancouver. The Company is exploring the Gold Buck property for its porphyry copper, gold, silver and molybdenum potential. The Company’s Gold Buck property lies approximately 40 miles east of Williams Lake, British Columbia, Canada. The Company focuses on various diamond drill targets on the anomaly following strike along the fault over the Takomkane Batholith.
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