PSYCHIC FRIENDS NETWORK INC. (OTCPK:PFNI) signed an agreement to acquire 321 Lend, Inc. from Johnny Tong, Chris Wu and Rajin So for $0.23 million in stock on July 17, 2014. As consideration, PSYCHIC FRIENDS NETWORK will issue 18 million shares. Under the terms of the transaction, PSYCHIC FRIENDS NETWORK Stock and the assets of 321 Lend shall be held in escrow pending 321 Lend Owners' ability to raise $0.5 million in capital financing on terms acceptable to the majority of the Board of Directors within 90 days of the effective time of the Merger. If the Capital Raise is unsuccessful, the stock shall be cancelled and returned to treasury, the 321 Lend assets shall be returned to an entity designated and controlled by the 321 Lend Director. Subsequently, the 321 Lend Director shall resign from the Board of PSYCHIC FRIENDS.

The closing of the transaction is subject to terms of employment for the PSYCHIC FRIENDS NETWORK Executive Officer Marc Lasky and President Michael Lasky, and 321 Lend Johnny Tong, Chris Wu, and Shin Hwang. The transaction is also subject to capital raising by 321 Lend, increase in the Board size from three to five, approval by the shareholders of PSYCHIC FRIENDS NETWORK and 321 Lend and approval by the Board of Directors of PSYCHIC FRIENDS NETWORK. Stephen E. Older and TaeSoo Sean Kim of McGuirewoods LLP acted as legal advisor for 321 Lend, Inc.


PSYCHIC FRIENDS NETWORK INC. (OTCPK:PFNI) cancelled the acquisition of 321 Lend, Inc. from Johnny Tong, Chris Wu and Rajin So on March 6, 2015.