Bio-En Holdings Corp. signed a binding term sheet to acquire Leo Rider Company on November 26, 2019. Pursuant to the binding term sheet, Bio-En Holdings will acquire all of the outstanding capital stock of Leo in exchange for shares of Bio-En Holdings common stock to be issued to the shareholders of Leo in an amount equal to up to 40% of the post-transaction capitalization of Bio-En Holdings. Post completion, a new company will be formed in the United States, which will be owned and hold 100% by Bio, and will be named Leo Raiders USA. The combined company, to be led by Barry Adika, Chief Executive Officer of Bio-En Holdings and will be headquartered in Secaucus, New Jersey. In accordance with the term sheet, Leo is to raise up to $2 million within 120 days of the merger contemplated by the agreement. After signing the final agreement and before raising the funds, Bio will transfer to Leo up to $460,000 as a loan, which will be paid back by Leo upon raising the funds. If Bio is unable to raise the $2 million for Leo, the $400,000 which has been given to Leo as a loan will be transferred repaid with the transfer of 5% of the outstanding capital stock of Leo at a $9,000,000 valuation. The interim financing that Shlomi will provide to the company through Bio will return Shlomi from the fundraising immediately. All the know-how contracts of I&.Q. will be transferred Leo Raiders USA, and Leo will only serve the operations in Israel. These shares will be distributed equally between the parties, 5% for Bio and the balance will be distributed to the Leo group. All shares allocated to the founders will each be held by an american broker firm in his or her own account and there will be an agreement control between the parties in all respects. Berry and Shlomi will be appointed and chaired by the company Chairman will also serve as Chief Executive Officer of all operations in the United States, Canada Mexico and the rest of the world. Eldad Berkowitz will be appointed Chief Executive Officer of Israel and Europe and will be subject to Berry and Shlomi approvals on all. The merger costs will be paid by Bio. If Leo would like to terminate the agreement for any reason, Leo will transfer 50% of the Leo company shares to Bio as a penalty. $120,000 of the loan has been already transferred prior to signature of the Amendment and $340,000 shall be transferred by Bio, subject to certain preconditions. Bio-En Holdings Corp. cancelled the acquisition of Leo Rider Company on June 4, 2020. The transaction has been terminated due to certain information regarding the financial position of Leo.