Consolidated Gems, Inc. (OTCPK:CGEM) entered into a term sheet to acquire Byondata from Noam Levavi and Eran Galil for $4.7 million in cash and stock on February 25, 2016. Under the terms of the agreement, the purchase price will be satisfied as: $0.065 million payable to Byondata for working capital purposes 5 working days from the execution of the Term Sheet for due diligence costs; $0.065 million each month payable to Byondata for working capital purposes following the execution of the share sale agreement and completion of the capital raising; an issue of fully paid ordinary shares of common stock of the value of $1.75 million; issue of event-driven contingent value rights equivalent to $1.75 million six months after the first anniversary of completion and issue of event-driven contingent value rights equivalent to $1.5 million six months after the second anniversary of completion, subject to meeting the relevant hurdles at the issue price set out under the agreement. The consideration payable is a mixture of cash and equity; and performance rights to Noam Levavi and Eran Galil who will continue to manage and steer the development of Byondata. As part of the agreement and as a condition to completion, Consolidated Gems will raise $3 million; and intends to raise a further $2 million within 12 months. Consolidated Gems has a 90 day period to conduct due diligence and negotiate a formal share sale agreement. Consolidated Gems, Inc. (OTCPK:CGEM) cancelled the acquisitions of Byondata from Noam Levavi and Eran Galil on July 29, 2016.