EEStor Corporation (TSXV:ESU) entered into a letter of intent to acquire FWG Ltd from Robert Murray-Smith, Steve Mills and Gary Monaghan for £1.6 million on November 5, 2019. In consideration for all of the outstanding share capital of FWG, the shareholders of FWG are entitled to receive common shares of EEStor which will represent 25% of the outstanding share capital of EEStor following completion of the acquisition. EEStor will issue 46.75 million of common shares to the shareholders of FWG. Following completion of the acquisition, FWG will continue as a wholly-owned subsidiary of EEStor. Following completion of the acquisition, EEStor intends to reconstitute its board of directors to consist of five members, of which two will initially be nominated by FWG. EEStor anticipates that the reconstituted board will be presented to shareholders for approval at its annual general and special meeting to be held in January 2020. The acquisition is not contingent on completion of the financing, but EEStor does anticipate requiring additional working capital prior to completion of the acquisition. EEStor does not anticipate that the acquisition of FWG will require shareholder approval. The deal is subject to customary due diligence, negotiation of definitive documentation, board and regulatory approvals. The acquisition and merger of FWG into EEStor represents a strategic and accretive integration for both companies.