ExSorbtion Inc. signed a non-binding letter of intent to acquire Esstra Industries Inc. (TSXV:ESS) in a reverse merger transaction for CAD 8 million on December 11, 2020. As part of the transaction, Esstra will issue approximately 20,000,000 common shares pro rata to the ExSorbtion shareholders other than itself for its existing position, pursuant to a share exchange which will result in the Remaining ExSorbtion Shareholders receiving shares of Esstra Industries in exchange for their shares of ExSorbtion upon closing the transaction. Esstra currently owns 5% of ExSorbtion. In connection with the Transaction, Esstra intends to complete a concurrent brokered or non-brokered private placement financing of a minimum of 2,500,000 units at a deemed value of CAD 0.40 per Unit, with each Unit consisting of one common share and one common share purchase warrant exercisable at CAD 0.80 for a period of one year from the date of issuance, for a minimum raise of CAD 1 million. Upon completion of the transaction, the resulting company will continue to carry on the business of ExSorbtion. The transaction is subject to a number of conditions precedent, including, without limitation, signing of a definitive agreement, completion of satisfactory due diligence by Esstra, Exchange acceptance, receipt of all required corporate and regulatory approvals, third-party approvals and the negotiation and execution of transaction and concurrent financing documents. Hains Engineering Co. Ltd. acted as due diligence provider to Esstra Industries.