Universal Power Industry Corporation (OTCPK:UPIN) entered into a stock purchase agreement to acquire 80% stake in XPAL Power, Inc. from Tennrich International Corp (GTSM:8065) for $6.5 million on April 20, 2016. XPAL Technology will acquire 1.2 million shares of XPAL Power. The agreement was amended through August 8, 2016 and provides for a payment schedule. Universal Power Industry Corporation will pay on or before August 10, 2016, $0.25 million, on or before August 31, 2016, $0.75 million, on or before September 30, 2016, $1 million, on or before October 30, 2016, $1 million on or before November 30, 2016, $1 million, on or before April 20, 2017, $2.5 million and the final sum accrues interest at the annual rate of 3.5% from April 20, 2016, to the date of payment. 51% interest in WIMO, LLC, and related licensing revenue due under XPAL’s WIMO patent are excluded from the transaction. As of August 12, 2016, Universal Power Industry amended the payment schedule to $0.25 million on or before August 10, 2016, $0.75 million on or before August 31, 2016, $1 million on or before October 30, 2016, $1 million on or before November 30, 2016 and $2.5 million by April 20, 2017. The Board of Directors, and the shareholders of XPAL Power have authorized the transaction. Universal Power Industry Corporation (OTCPK:UPIN) cancelled the acquisition of 80% stake in XPAL Power, Inc. from Tennrich International Corp (GTSM:8065) in April 25, 2017. Universal Power Industry Corporation (OTCPK:UPIN) completed the acquisition of 80% stake in XPAL Power, Inc. from Tennrich International Corp (GTSM:8065) for $3.3 million in August 2016. Under the terms of deal, Universal Power Industry Corporation (OTCPK:UPIN) issued, 8.1 million shares as consideration. Remaining consideration of $3.3 million will be paid later. Deal was rescinded due to lack of consideration on the part of Tennrich.