PetLife Pharmaceuticals, Inc. (OTCMKTS:PTLF) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On May 10, 2017, Dr. Geoffs by PetLife, Inc. (Dr. Geoffs by
PetLife), a subsidiary of PetLife Pharmaceuticals, Inc. (PetLife,
or the Company), entered into an asset purchase agreement and a
supply agreement with Healthy Life Pets, LLC (Healthy Life Pets)
to acquire certain assets, including the intellectual property of
Healthy Life Pets product line, including the trademarked brand,
Dr. Geoffs Real Pet Food, and to purchase product for a period of
time from Healthy Life Pets. The purchase price of the assets was
1,450,000 shares of common stock of the Company, 450,000 of which
were issued at execution, with the remaining 1,000,000 shares of
common stock vesting over two years. The supply agreement, when
fulfilled, will require the issuance of 50,000 shares of common
stock of the Company to Healthy Life Pets. All shares of Company
common stock to be issued to these agreements are subject to
restrictions on resale to a leak out agreement.
Dr. Geoffs by PetLife projects a national rollout of the product
line in the latter part of 2017. Also, Dr. Geoffs by PetLife
projects the inclusion of VitalZul, the Companys patent pending,
non-toxic, bioactive formulation, into a second-generation line
of pet food.
The foregoing descriptions of the asset purchase agreement,
supply agreement, and leak out agreement are qualified in their
entirety by the full text of the agreements, which are filed as
Exhibits 10.1, 10.2 and 10.3 to, and incorporated by reference
in, this report.
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On April 17, 2017, as announced in a press release on the
following day, Geoffrey Broderick resigned as President of the
Company to focus on the Companys pet food division, Dr. Geoffs by
PetLife, and the projected rollout of the Dr. Geoffs product line
through direct response marketing to consumers through
infomercials and Internet promotions. Mr. Broderick has an
extensive background in this industry; therefore, this move to
the subsidiary is strategic to meet the Companys goals.
Item 5.03 Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year.
On April 19, 2017, the Company organized in the State of Maryland
a wholly-owned subsidiary, Dr. Geoffs by PetLife, to operate the
Companys pet food division.
Item 9.01 Financial Statements and Exhibits.
The exhibits listed in the following Exhibit Index are filed as
part of this report:
Asset Purchase Agreement between Healthy Life Pets, LLC and
Supply Agreement between Healthy Life Pets, LLC and Dr.
Geoffs by PetLife, Inc.
Leak Out Agreement between Healthy Life Pets, LLC, Dr. Geoffs
by PetLife, Inc., and PetLife Pharmaceuticals, Inc.
Press Release on April 18, 2017, PetLife Finalizes
Negotiations for Dr. Geoffs Real Food for Pets
Press Release on May 23, 2017, PetLife Closes Acquisition of
Assets for Dr. Geoffs Real Food for Pets
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. PetLife Pharmaceuticals, Inc. (OTCMKTS:PTLF) Recent Trading Information
PetLife Pharmaceuticals, Inc. (OTCMKTS:PTLF) closed its last trading session up +0.035 at 0.269 with 73,886 shares trading hands.