ArCare Holdings Sdn Bhd entered into letter of intent to acquire Phoenix Life Sciences International Limited (OTCPK:PLSI) on December 24, 2021. Following the merger, the company formerly known as Phoenix Life Sciences International Limited ("PLSI") will be known as ArCare. Through the merger and reorganization, the board of directors of PLSI will be replaced and all existing directors and officers shall resign. PLSI will become Phoenix Dissolution Corporation and will be a discontinued business venture. The transaction is expected to close in first quarter of 2022.