IZON Network, Inc. (OTCPK:IZNN) signed a term sheet agreement to acquire Sceptre Ventures Inc. (TSX: SVP.H) in a reverse merger transaction on December 23, 2019. Under the terms of the transaction, holders of issued and outstanding shares of IZON Network, Inc. will receive 15 shares of Sceptre Ventures Inc. (post-consolidation) for each share held. All options, warrants, debentures or other securities convertible into shares of IZON Network, Inc. shall be exchanged, based on the agreed exchange ratio, for similar securities to purchase shares of Sceptre Ventures Inc. on similar terms and conditions, and any securities issued pursuant to the private placement will similarly be exchanged (based on the ratio for securities of Sceptre Ventures Inc. Sceptre Ventures Inc. will complete a share consolidation on the basis of 1 new share for every 3 shares held. In conjunction with, or prior to the closing of the transaction, IZON Network, Inc. may complete a private placement of shares for gross proceeds of up to CAD 5 million on terms and conditions to be determined, further details of which will be announced when available. In the event that the private placement is not completed by January 31, 2020, Sceptre Ventures Inc. has the option to terminate the term sheet. Post-completion, the shares of IZON would be start trading on Toronto Venture Stock Exchange (TSX-V).

Upon completion of the transaction, it is currently anticipated that Sceptre Ventures Inc.'s existing directors and officers will be replaced by the Board and management of IZON Network, Inc. The resulting issuer will have Giles Somerville as Chairman, Tim Ummel, currently Chief Executive Officer of IZON Network, Inc. as Chief Executive Officer and Director and Jeff Hosek, currently Chief Executive Officer of IZON Network, Inc., as President. IZON Network, Inc. and Sceptre Ventures Inc. intend to execute a definitive agreement based on terms in the term sheet, subject to any Exchange, regulatory, or other approvals that may be required, the completion of satisfactory due diligence by Sceptre Ventures Inc. and IZON Network, Inc. and completion of private placement by IZON Network, Inc.