An unknown buyer entered into a binding letter of intent to acquire substantially all assets of ProSmart Enterprises Inc. (TSXV:PROS) on December 10, 2018. Under the terms, if ProSmart accepts a competing transaction pursuant to a customary fiduciary out, it is required to pay to the purchaser a one time termination payment upon closing of such competing transaction. The transaction is subject to approval by TSXV, approval by shareholders of ProSmart, execution of definitive agreement, obtaining financing and completion of due diligence.