Manalto Limited (ASX:MTL) signed a binding term sheet to acquire Solomon Group for $0.3 million on June 13, 2017. As per the terms of the agreement, Manalto will acquire assets and businesses owned or controlled by Rick Solomon. The consideration to be paid includes $0.15 million on the completion of the acquisition and $0.15 million on the six-month anniversary of completion of the acquisition. Manalto also proposes to issue securities to Rick Solomon, Matthew Solomon and Michael Celada, in connection with the proposed acquisition subject to the completion of the acquisition. Taria Michalet the US Sales Director will report to Rick Solomon who will become the President of Manalto North America following the acquisition. Manalto intends to acquire Solomon Group including all intellectual property and other assets (either by share sale, asset sale or a combination thereof) which are subject to completion of due diligence investigation by both companies, obtaining third party approval, approval of ASX and the acquisition of Bambu by Manalto, as previously disclosed. Manalto Limited (ASX:MTL) cancelled the acquisition of Solomon Group on June 13, 2018.