LIFEAPPS BRANDS INC. (OTCMKTS:LFAP) Files An 8-K Other Events
Item 8.01 Other Events
On June 1, 2017 we entered into a Letter of Intent (LOI) with
Gents Group, Inc. (Gents), a mens life>
As part of the transaction, we would enter into a 4-year
employment agreement with Gents managing partner, Ryan Fishoff,
who would become our Chief Executive Officer (CEO). Robert
Gayman, our present CEO, would continue with us in his present
capacity as Chairman of our Board of Directors and as an employee
and Lawrence Roan, a current director and employee, would
continue with us in the same capacities as well.
The LOI has a 45-day term which is subject to a mutual
cancellation and extension option. The term, as such may be
extended, is subject to a corresponding exclusivity period during
which Gents may not approach or enter into similar discussions
with alternative buyers.
The LOI, with the exception of the exclusivity provision, is
non-binding. Neither party is obligated to proceed with the
proposed transaction or under the proposed terms. The LOI solely
represents an indication of interest. Legally binding obligations
with respect to the proposed transaction will only arise upon the
completion of due diligence and execution of definitive
agreements. Accordingly, no assurance can be given as to the
completion of the asset acquisition or, if completed, the final
terms thereof.
About LIFEAPPS BRANDS INC. (OTCMKTS:LFAP)
LifeApps Brands Inc., formerly LifeApps Digital Media, Inc., is a developer and designer of applications, medical and fitness products, new media, digital magazines, publications and social networks for sports, health, fitness and entertainment enthusiasts. The Company operates in two segments: the sale of physical products (Products) and digital publishing (Publishing). It caters to mobile applications, digital magazines, publications, fitness training devices, Web, social media and Internet television to engage consumers in various areas of sports, health, fitness and entertainment interests, including medical, yoga, golf, tennis, cycling and other health, fitness and sports topics. Its Sports One is a digital platform that matches sports apparel manufacturers with distributors and purchasers. Its YouWorkout is a health, fitness and sports entertainment platform that features content from journalists, athlete interviews, and lifestyle content for health and fitness enthusiasts.
