VOIS Inc. (OTCQB: VOIS) entered into a letter of intent with San Diego’s Mind Technologies Inc. to purchase 100 percent of its assets. The company has agreed to the acquisition in order to secure ownership of all BCI/ thought-controlled technology developed and being developed by the company.
In exchange for the assets of Mind Tech, the company will issue to Mind Tech shares of its common stock. The number of shares issued to Mind Tech will be based on an independent valuation to determine the fair market value of the assets purchased. The company expects to close the transaction no later than March 15, which is subject to the execution of a definitive purchase agreement by the parties.
On Dec. 18, 2012, VOIS entered into a license agreement with Mind Tech and secured a non-exclusive license to use and develop the company's existing thought-controlled software applications. The company has since determined it is in the best interest of its stockholders to acquire 100 percent ownership of these assets, as it continues to develop and improve the technologies.