Infrax Systems, Inc. (OTC PINK:IFXY) announced today that the company has received notice from Mi Pulpe LLC stating that it is unable to provide requested financial information for the quarter ended September 30, 2022, causing IFXY to terminate the Purchase Agreement with Mi Pulpe and rescind the acquisition.
Per the notice, subsequent to the execution of the Purchase Agreement for the acquisition of Mi Pulpe, Mi Pulpe was provided with notice of certain unfulfilled financial obligations constituting a material adverse event.
The existence of these obligations was not disclosed to IFXY management prior to the execution of the Purchase Agreement. Mi Pulpe’s current situation is a material adverse event as described in the Purchase Agreement. As a result, IFXY has informed Mi Pulpe that it is terminating the Purchase Agreement and rescinding its acquisition of Mi Pulpe.
IFXY will file its quarterly disclosure statement for the period ending September 30, 2022, within five days. The Company’s disclosure statements will not include any financial results pertaining to Mi Pulpe.
About Infrax Systems, Inc.
Infrax Systems, Inc. is a brand incubator and accelerator. The company plans to build a portfolio of revenue-generating product brands to develop new sales channels and increase brand awareness and revenues.
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Infrax Systems, Inc.
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