Paranovus Entertainment Technology Ltd. (NasdaqCM:PAVS) entered into a non-binding letter of intent to acquire 100% of Blueline Studios Inc. from Caravan Digital L.P. on September 5, 2023. Under the terms of the LOI, BlueLine will have a right of first offer for any talent-related game development projects from Caravan for five years following the closing of the acquisition. Transaction is subject to customary closing conditions and, dependent on the results of due diligence and negotiation of the definitive documents between the parties, may require material modifications to the terms set forth in the LOI.