Termination of Material Agreement Form 8 K

ITEM 1.02 Termination of Material Agreement.

On April 8, 2024, Summit Networks, Inc. ("the Company") entered into a Stock Purchase Agreement with the shareholders of St. Mega Enterprises, Inc. ("Mega"), a Canadian corporation, to acquire all the outstanding common stock of Mega. On May 11, 2024 the Company announced it had consummated this transaction. Subsequently, on October 11, 2024 the parties agreed to terminate the transaction and they entered into a Reverse Merger Agreement, whereby the Mega transaction was rescinded and all previous actions in support of the transaction were reversed and the transaction was terminated.

Forward-Looking Statements

Certain statements contained herein, are not based on historical fact and are " forward-looking statements" within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as " believes," " estimates," " expects," " plans," " may," " will," " should," " could," " would" and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company' s forward-looking statements. These risks and uncertainties include, but are not limited to: local, regional, national and international economic conditions; consumer confidence and spending patterns, which are subject to fluctuation and could increase or decrease more than the Company expects; weather, acts of God and other disasters; the seasonality of the Company' s business; inflation or deflation; increases in unemployment rates and taxes; increases in labor and health insurance costs; competition and changes in consumer tastes and the level of acceptance of the Company' s products; demographic trends; the cost of advertising and media; government actions and policies; interest rate changes, compliance with debt covenants and the Company' s ability to make debt payments. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this report. All forward-looking statements are qualified in their entirety by this cautionary statement.