Solis Tek Inc. executed a letter of intent to acquire YLK Partners NV, LLC (YLK) for from LK Ventures, LLC, MDM Cultivation LLC and Future Farm Technologies Inc. for $6.6 million.
Concurrent with the transaction, Solis Tek has executed an option agreement for the right to enter into a long-term lease agreement with a local land owner, for the lease, use and occupancy of a more than 70,000 square feet facility (Arizona Operation'). Concurrent with the transaction, Future Farm Technologies has agreed to invest $0.5 million for a 10% interest in the Arizona Operation. Yorkville Advisors Global, LP ("Yorkville") and its affiliates, who have provided significant financing support to Future Farm, are also providing the financing to Solis Tek for the Arizona Operation. The transaction subject to execution of execution of definitive agreement, third party approval and government approval. The transaction is expected to close on May 10, 2018.