Termination of Letter of Intent between 2050 Motors, Inc. and LVG1 d/b/a UNDERground Villas & Hotels
This letter from 2050 Motors, Inc., signed by CEO Vikram Grover, notifies James Donnellan, owner of LVG1 d/b/a UNDERground Villas & Hotels, that the previously executed Letter of Intent (LOI) dated June 7, 2019, regarding the purchase of 10% of LVG1 equity using Series B Preferred Shares, is terminated due to the parties' inability to reach a final agreement. The letter expresses continued interest in a business relationship and leaves open the possibility of future transactions.
August 22, 2019
James Donnellan
Owner
LVG1
d/b/a UNDERground Villas & Hotels
94A Range Road, Windham, NH 03087
Termination of Letter of Intent
Mr. Donnellan:
As we have not been able to reach a definitive agreement for a transaction in a reasonable timeframe, this correspondence serves to terminate our June 7, 2019 executed Letter of Intent (“LOI”) to purchase 10% of LVG1 equity using 100,000 Series B Preferred Shares of 2050 Motors, Inc. convertible into 100,000,000 common shares. We continue to desire a reseller relationship to offer your myriad cannabis products and travel services on our upcoming social network @ www.kanab.club to be launched later this year. My offer to appoint you to our Advisory Board and to integrate your network of media properties into Kanab’s forthcoming video streaming launch stands (i.e., dongle unit). If it makes sense for all parties, we can revisit an equity swap or other capital markets transaction in the future.
Respectfully,
Vikram Grover
CEO
2050 Motors, Inc.
