Life on Earth, Inc. Enters Agreement to Acquire Assets in Enterprise Cloud Software Company
December 10 2020 - 3:06PM
InvestorsHub NewsWire
Life on Earth, Inc.
Enters Agreement to
Acquire Assets in Enterprise Cloud Software
Company
Company
expects to appoint new CEO upon the closing of the transaction
which is expected this quarter
NEW YORK, NY -- December 10, 2020 -- InvestorsHub
NewsWire -- Life on Earth, Inc. (OTC
PINK:
LFER)
(the
"Company"), announced today that it has signed a Memorandum of
Understanding to
purchase,
and
subject to signing a Definitive Agreement, in an
all-stock transaction at above current market valuations, all the
assets including all intellectual property and existing software
infrastructure of a US based enterprise cloud software
company.
The closing
is pending completion of the ongoing due diligence process and
signing of a Definitive Agreement (the "Asset Purchase
Agreement"), currently anticipated to
close in the
current quarter.
The
Company
is scheduled to announce commercial launch of its full suite
of software
products
resulting from
the acquisition of
those assets
(Asset
Purchase
Agreement)
by
the
first quarter of
the 2021 calendar
year.
The
Company's purchase of the assets include patent pending
technologies that have
been developed to
address some of the most pressing challenges facing IT departments
in areas of Application Development, Compliance and Cloud
migration. IT spending in 2020 is expected
to exceed $1
Trillion and General Data Protection Regulation (GDPR) is ranked as
#1 priority of 54% of surveyed CIO's. IDC research reports that
over 77% of all European CIO's have budgeted more than $1M annually
to spend on GDPR compliance.
As part of the
restructuring, Mr. Fernando O. Leonzo, the Company's current Chief
Executive Officer (CEO) and Co-founder, will officially step down
from his role as CEO. The Company's board is already in the final
stages of discussions with the leading candidate(s) for the CEO
role as well as other management positions and enhancements to the
board from the Software and Technology industries. Mr. Leonzo said
in a statement.
"As
a Co-Founder of Life On Earth, I am proud of the team that I've had
the pleasure working with over the years since we started our
company. This new direction is the right decision for the Company.
I am fully on board with the new focus, now that we have completely
restructured most of our past legacies, and my role is to help the
new team bring in the right talent and stakeholders, with proven
track records in the software industry and to help bring value back
to our Company. I am a stakeholder as everyone else, and my goal is
not only to see a successful transition of the new
management but also to bring on board new stakeholders with
credibility as well as resources."
Terms of the
transaction as well as a more detailed description of the
new assets
and
its executive team will be disclosed upon signing of the definitive
agreement filed in a subsequent 8K
filing.
About Life On Earth,
Inc.
Life on Earth, Inc. has
recently announced its change in business strategy from one of
a Consumer
Packaged Goods (CPG) company into
cloud-based
software development company and cloud-computing technology
company.
For more information, please
visit our corporate website - www.lifeonearthinc.com
Investors and
corporate inquiries, please
contact: info@lifeonearthinc.com
Phone: (646) 844- 9897
Safe Harbor
Act
Forward-Looking
Statements: This release contains statements that constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These
statements appear in a number
of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of Life on Earth, Inc. and
its directors
or its officers with respect to, among other things: (i) financing
plans; (ii) trends affecting its financial condition or results of
operations; (iii) growth strategy and operating strategy.
The
words "may," "would," "will," "expect," "estimate," "can,"
"believe," "potential" and similar expressions and variations
thereof are intended to identify forward-looking statements.
Investors are cautioned that any such forward-looking
statements
arestatements
are not
guarantees
of
future performance and involve risks and uncertainties, many of
which are beyond Life on Earth, Inc.'s ability to control,
and actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors. The
contents of this entire press release are contingent
upon signing of a Definitive Agreement. No information
in this press release should be construed in any way whatsoever as
an indication of Life on Earth, Inc.'s future revenues, financial
performance or stock price. More
information about the potential factors that could affect the
business and financial results is and will be included in Life on
Earth, Inc.'s filings with the Securities and Exchange Commission
at www.sec.gov.
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