Until the change in control described below, we were a medical device company that, subject to government approval, planned to manufacture and market medical devices.
In August 2017, Hassan Salari, Francine Salari, Julian Salari, Fredrick Salari, who then collectively owned 53,933,373 shares of our common stock (the “Control Shares”), representing approximately 76.04%, of our outstanding shares of common stock, sold the Control Shares to Team Youn Bio Medicine International Corp. Limited, a China based company (“Team Youn”), for a total purchase price of $275,000 pursuant to a Common Stock Purchase Agreement dated July 17, 2017 (the “Stock Purchase Agreement”).
Contemporaneously with the sale of the Control Shares, we sold to Dr. Hassan Salari, our former President and Chief Executive Officer, all of the outstanding shares of our wholly-owned subsidiary, Eternity Healthcare Inc., a British Columbia corporation (“Eternity BC”), and assigned to Dr. Salari certain intellectual property and technology related to the development, testing and manufacture of our medical device needle free injection technology, together with all “know-how” and other proprietary rights related thereto (the “IP Rights”) for a total purchase price of $CAD100,000 (equivalent to $USD79,590) pursuant to the Stock Purchase Agreement. Payment of the purchase price for the shares of the subsidiary and the IP Rights was made by crediting an equal amount against the $CAD1,163,966 indebtedness we owed to Dr. Salari for advances made to pay operating expenses. Our remaining $CAD1,063,966 of indebtedness to Dr. Salari was assigned to Team Youn pursuant to the Stock Purchase Agreement.