PetLife Pharmaceuticals, Inc. (OTCMKTS:PTLF) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of acquisition or disposition of assets
Petlife Pharmaceuticals, Inc. and Red Rock Alternative Fund LLC. (“RRAF”) have entered into an Agreement dated January 15, 2020, whereby Petlife will purchase a controlling interest in a new joint venture to grow, market and sell hemp products. In order to effectuate the joint venture, the parties have established a new company, THE MAYE INTERNATIONAL GROUP SARL (“NEWCO”), fifty-one (51) percent of which is owned by Petlife and forty-nine (49) percent is owned by Company; RRAF has irrevocably assigned to NEWCO, two thousand (2,000) hectares of private lands of Land in the Democratic Republic of Congo (DRC); such land has a lease term of at least 6 years. In consideration for the asset, Petlife shall transfer five hundred million (500,000,000) common shares of Petlife to Company in two stages; a.) 250 Million upon signing the JV b.) 250 Million upon the land being planted with Hemp Seeds.
Petlife’s previous business was engaged in the research, development, sales, and support of drugs and nutraceuticals for pet cancer and autoimmune related diseases; Petlife will entirely change its course of business to participate in this joint venture; Petlife believes that this joint venture is in the best interest of the company and the shareholders.
Petlife anticipates a company name change after the new management has been appointed to more accurately reflect the new nature of the business.
Upon the issuance of 500,000,000 restricted shares of common stock by the Company to Company to the Joint Venture Agreement (See Item 1.01 – Entry into a Material Definitive Agreement, above), a change of control will take place. The shares involved in the transactions constitute approximately 65% of the Company’s currently issued and outstanding shares of common stock.
Petlife will institute a management change within 30 days of January 15, 2020. Upon appointment of new management, Sebastian Serrell-Watts will concurrently resign as Chief Executive Office, President, Secretary, Treasurer, Chief Financial Officer, and a Director of the Company.
About PetLife Pharmaceuticals, Inc. (OTCMKTS:PTLF)
PetLife Pharmaceuticals, Inc., formerly Clear TV Ventures, Inc., is engaged in the development and launching of a high potency (HP) veterinary cancer medications and nutraceuticals, based on the formula Escozine. The Company’s formula, Escozine (for humans) is sold as either a nutraceutical or prescription drug in approximately 40 countries, including the United States. It has rights to formulate, package and market a product line, Escozine for Pets, for livestock suffering from cancer. Escozine for Pets is a natural product containing serum derived from the Caribbean Blue Scorpion and polarized using the Company’s polarization technology. It intends to target various veterinary cancers, including Lymphoma, Osteosarcoma, Mast Cell Tumor, Melanoma, Squamous Cell Carcinoma, Mammary Carcinoma, Transitional Cell Carcinoma and Soft Tissue Sarcoma. It has designed three products for differentiated intake protocols for home and veterinary usage: Oral/Rectal, Patch and Injectable.