Agolli Artan entered into a letter of intent to acquire 89% stake in Petrosonic Albania SHA from Sonoro Energy Ltd. (TSXV:SNV) for CAD 0.25 million in cash and note on April 12, 2012. On April 17, 2012, Petrosonic Energy, Inc. (OTCBB:PSON) entered into an assignment agreement with Agolli Artan such that all right, interest and title to the letter of intent were assigned to Petrosonic Energy, Inc. (OTCBB:PSON) for 1.78 million Petrosonic Energy shares. Petrosonic Energy, Inc. (OTCBB:PSON) shall also acquire technology rights and sonic reactor equipment located in Canada and Albania from Sonoro Energy Ltd. (TSXV:SNV) for CAD 0.25 million in cash and note. For the year ended December 31, 2011, Petrosonic Albania reported net loss of $0.02 million (CAD 0.02 million). To raise the required purchase funds, Petrosonic Energy borrowed CAD 0.2 million from Agolli, its Chief Executive Officer and CAD 0.05 million from a private investor under 2 convertible promissory notes. Certain key personnel will enter into a non-competition and non-solicitation agreement with the Petrosonic Energy, Inc. Final closing of the transaction is subject to the completion of the December 31, 2011 audited financial statements of Petrosonic Albania and completion of financing by Petrosonic Energy. The deal was expected to complete by April 30, 2012. The letter of intent was subsequently amended to extend the closing date to May 14, 2012 or any other date as may be mutually agreed upon in writing by all parties. David Redford of Goodmans acted as the legal advisor for Sonoro Energy Ltd. Ashif S. Merani of Merani Reimer LLP acted as the legal advisor for Petrosonic Energy. Malone & Bailey, PC acted as independent accountant to Petrosonic Albania SHA. The conversion was done through www.oanda.com as of December 31, 2011. Petrosonic Energy, Inc. (OTCBB:PSON) completed the acquisition of 89% stake in Petrosonic Albania from Sonoro Energy Ltd. (TSXV:SNV) on July 27, 2012.