Media Central Corporation Inc. (CNSX:FLYY) entered into a non-binding letter of intent to acquire Varipay Inc. for CAD 3 million on October 2, 2020. As part of consideration Media Central will issue approximately 200 million shares to the shareholders of Varipay in exchange for their shares in Varipay. This acquisition will result in Varipay becoming wholly owned subsidiary of Media Central. Media Central expects to integrate Varipay into its ecommerce platforms and popular digital media sites. Varipay Inc. generated total revenue of CAD 1.7 million and CAD 0.03 million EBITDA in fiscal year 2019. On the successful closing of the transaction, the shareholders of Varipay will nominate two individuals to join Media Central's Board of Directors. Media Central and Varipay will work to entering into a definitive agreement within 30 days. The transaction is subject to completion of mutual due diligence, a comprehensive business valuation report of Varipay, financial audit of Varipay, regulatory approvals, and approval from certain of Media Central's significant shareholders. Media Central Corporation Inc. (CNSX:FLYY) cancelled the acquisition of Varipay Inc. on October 13, 2020.