One World Products Inc.
06/10/2025 | Press release | Distributed by Public on 06/10/2025 12:34
Material Agreement (Form 8-K)
Item 1.01 Entry into a Material Definitive Agreement.
On June 4, 2025, One World Products, Inc., a Nevada corporation (the "Company"), entered into a Letter of Intent (the "Eco Bio LOI") with Eco Bio Plastics Midland, Inc. ("Eco Bio").
The non-binding terms of the Eco Bio LOI include the following terms:
| - | The Company would acquire substantially all of the assets of Eco Bio for $600,000 in cash; | |
| - | The parties would attempt to negotiate and execute a definitive agreement by June 15, 2025; and | |
| - | The parties would target June 30, 2025, as the closing date of the asset acquisition agreement. |
The binding terms of the Eco Bio LOI include the following terms:
| - | Eco Bio agreed to a 60-day period of exclusivity; | |
| - | In consideration of Eco Bio's granting such exclusivity, the Company delivered a $100,000 refundable deposit (the "Refund Amount") to Eco Bio, which would be applied to the purchase price of the acquired assets or refunded to the Company, in the event the asset acquisition transaction does not close; and | |
| - | The refund of the Deposit Amount was personally guaranteed by Fukuji Saotome. |
The foregoing description of the Eco Bio LOI is qualified in its entirety by the full text of the Eco Bio LOI, which is filed as Exhibit 10.1 to, and incorporated by reference in, this Current Report.
One World Products Inc. published this content on June 10, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on June 10, 2025 at 18:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io