PeerLogix, Inc. (OTCPK:LOGX) entered into a non-binding letter of intent to acquire substantially all of the assets of WayWire, Inc. from Innovation Capital Advisors, LLC and others for $0.16 million on February 2, 2017. PeerLogix will acquire all of the assets of Waywire, including its intellectual property and portfolio of patents, and assume certain designated liabilities of Waywire, in exchange for 1 million shares of common stock of PeerLogix and three-year warrants to acquire an aggregate of 3 million shares of common stock of PeerLogix. In addition, Waywire shall be entitled to 50% of the proceeds of any sales of the patents. Pending the closing, LOGX has agreed to loan to Waywire $12,500 per week for at least three weeks to cover certain operating expenses. Consideration will be received at closing. Pursuant to the letter of intent, following the closing, the Board of Directors of PeerLogix shall be comprised of six members, five of whom shall be designated by PeerLogix and one of which shall be designated by Waywire. The acquisition is subject to a number of conditions, including, without limitation, satisfactory completion of due diligence, execution of definitive documentation, consummation by PeerLogix of a financing, whether equity, debt, or otherwise, or any combination thereof, the gross proceeds of which equal or exceed $250,000, third-party approvals, including Board approval by both PeerLogix and WayWire, majority stockholders of Waywire, approvals of relevant government agencies, employment agreements, Waywire employees identified by PeerLogix shall have executed confidentiality and protection of intellectual property agreements, consulting agreements, Waywire shall amend its corporate name and assign all rights to the name, logos, trade dress, and related likenesses to PeerLogix. Innovation Capital Advisors, LLC cancelled the acquisition of substantially all of the assets of WayWire, Inc. from Innovation Capital Advisors, LLC and others on March 16, 2017.