LONDON, ENGLAND / ACCESSWIRE / November 19, 2014Lans Holdings, Inc. (LAHO) -(The Company), is pleased to announce, that on November 17, 2014, the Company executed a non-binding Letter of Intent (the "LOI") to negotiate entering into a license agreement (the "License Agreement") with PayFlex Systems and Trevor Allen (together, "PayFlex") for a worldwide license to use all of PayFlex's codes, patent and intellectual rights, contracts, permits and licenses in a payment processor business.
The License Agreement, if completed, will grant the Company the rights to, among other things, a unique platform to allow the seller of products online to enter a few pieces of information to allow them to generate a unique piece of code that will make a buy button to be placed on a seller's website. The buy button will automatically process payments and keep track of the inventory of the seller's products.
If consummated, the Company will be required to compensate PayFlex $150,000 in cash for the license and contribute $200,000 for its own working capital needs within 90 days of closing the License Agreement. The Company would also be required to issue a number of shares of the Company's common stock necessary to give 55% of the total issued and outstanding shares of the Company to PayFlex or its nominees.
In addition, the Company would be required to issue a number of shares of the Company's common stock necessary to give 70% of the total issued and outstanding shares of the Company to PayFlex or its nominees on the anniversary of the Licensing Agreement in which the Company's audited filed financial statements for gross annual revenues attributable to the business exceeds (US) $5,000,000.
In addition, as the Company continues to finalize a change in its business direction, effective November 17, 2014, the Board of Directors of the Company appointed Mr. Trevor Allen as President, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary of the Company, and immediately thereafter Eng Kok Yap resigned from all officer positions of the Company. Mr. Yap will remain as a member of the Company's Board of Directors.
The transaction is subject to final due diligence by the parties and the execution of definitive agreements between the parties no later than December 1, 2014. A copy of the LOI is can be found with the Company's public filings at www.sec.gov.
Forward Looking Statements
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Lans Holdings Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Lans Holdings Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
For further information, please contact:
Tyler M. Troup
SOURCE: Lans Holdings, Inc.