Earth Science Tech Inc.

10/07/2024 | Press release | Distributed by Public on 10/07/2024 06:31

Asset Transaction Form 8 K

Item 2.01 Completion of Acquisition

On October 1, 2024, Earth Science Tech, Inc., a Florida corporation (the "Company"), completed the acquisition of Avenvi, LLC., ("Avenvi"), a Florida limited liability company, for one million fifty-eight thousand seven hundred eighty-eight dollars and thirty cents cash. The payment structure included an upfront payment of two hundred fifty-eight thousand seven hundred eighty-eight dollars and thirty cents at closing, followed by subsequent monthly payments of two hundred thousand dollars for the next four months. The acquisition encompasses approximately four acres of vacant residential real estate intended for development, one commercial property comprising nearly half an acre featuring a standalone building with five thousand square feet, and cash or cash equivalents held by Avenvi. Visit: avenvi.com

Related Party Transaction

Giorgio R. Saumat, who currently serves as the Company's Chief Executive Officer (CEO) and the Chairman of Board, is the seller in this transaction. The transaction was reviewed and approved by the Board of Directors to ensure that the terms were no less favorable to the Company than those that could be obtained from unaffiliated third parties.

On October 1, 2024, the Company completed the acquisition of Mister Meds, LLC, a Texas limited liability company for fifty-four thousand two hundred dollars cash. Visit: mistermeds.com

Related Party Transaction

Mario G. Tabraue, who currently serves as the Company's Chief Operations Officer (COO) and is a Director of the Board, is the seller in this transaction. The transaction was reviewed and approved by the Board of Directors to ensure that the terms were no less favorable to the Company than those that could be obtained from unaffiliated third parties.