DMH International, Inc. entered into a definitive letter of intent to acquire Virtual Physician's Network, Inc.
DMH International entered into a definitive agreement to acquire Virtual Physician's Network, Inc. on July 22, 2014. At the effective time of the merger, all of the shares of capital stock of Virtual Physician's Network held by the shareholders of Virtual Physician's Network will be converted into and exchanged for the right to receive 10 million convertible preferred stock of DMH, which is convertible into 40% of the issued and outstanding shares of common stock of DMH. The members of the Board of Directors of Virtual Physician's Network and its officers immediately prior to the effective date will resign and the members of the Board of Directors of DMH will act as the new Board of Directors of Virtual Physician's Network.
The respective Boards of Directors of DMH and Virtual Physician's Network have approved the agreement. The deal is subject to conditions including written resignation of each director and officer of Virtual Physician's Network, notices of conversion from all holders of Virtual Physician's Network's preferred stock, consents to the transactions herein contemplated from Virtual Physician's Network's officers, consent of holders at least 50% of the outstanding common stock of Virtual Physician's Network and have notified Virtual Physician's Network shareholders of their appraisal and dissenters rights.