American Aires Enters LOI for Proposed Sale of Assets and Enters Settlement Agreement With Dimitry Serov
American Aires (WIFI.CN) on Monday said it entered into a non-binding letter of intent with an arm's-length third party purchaser for a proposed deal to sell its intellectual property, technology, product materials, inventory, customer data and other assets.Under the agreement the company also said if a final deal is reached it intends to apply for a voluntary delisting of its shares from the Canadian Securities Exchange (CSE).In a separate press release Monday, the company said it entered into a settlement agreement with its former founder and president, Dimitry Serov, and Serov Holdings. The parties have agreed to a full and final mutual release of claims under the settlement deal.The company and Serov entered into a technology assignment agreement, under which Serov assigned the company all of his right, title and interest in and to certain patents, patent applications and related intellectual property, including an issued U.S. patent and related international applications..Shares of the company were last seen unchanged at C$0.03 on the CSE.
