On 11th of June, Rich Pharmaceuticals, Inc. executed an Asset Assignment contract with Richard L. Chang Holdings, LLC pursuant to which the firm assigned to Holdings certain of the firm’s intellectual property assets related to its historical drug development business in the consideration of Holding’s assumption of certain debt of the firm in the amount of $229k and the dissolution of debt owed by the Company to Holdings and Ben Chang in the amount of $1,216k. The preceding is only a brief description of the material terms of the Asset Assignment contract and doesn’t suppose to be a complete description of the rights & obligations of the parties thereunder, and such descriptions are qualified in their completely by reference to the agreements.
On the same date, the firm executed an Asset Licensing contract with Geopulse Exploration, Inc. pursuant to which Geopulse licensed to the firm the Online Marketplace Technology, and other related technologies, and its exchange URL & trade secrets, as well as, data related to the Online Marketplace Technology. The technology is intended to give provision of facilitation to the exchange of products which are licensed and lab tested between vetted parties using a save payment mechanism. The Firm intends to make use of the technology to customize launch, as well as, manage a HEMP exchange for compliant HEMP products. In consideration for the license, the firm has agreed to issue 3,500,000k shares of restricted firm common stock to Geopulse. The issuance of the firm’s share of common stock was made in reliance with the exemption which was provided by the Securities Act for the offer & sale of securities excluding any sort of public offering, & Regulation D publicized under the Securities Act.