Parallax Health Sciences, Inc. (OTCPK:PRLX) entered into a purchase agreement to acquire QOLPOM, INC. from David Bradley, Michael Prudence, Daniel J. Ranieri and Intellectual Property Network, Inc. for $2.3 million in stock and cash on August 31, 2016. Under the terms of the transaction, Parallax Health Sciences will acquire 150 shares of QOLPOM and issue 5 million shares and pay $2 million in cash earn-out payment. As per the agreement a royalty agreement that will distribute 3% of the revenue generated by QOLPOM from its technology, will be paid to a third party non-profit organization located in Arizona. As per earn-out payment schedule, Intellectual Property La Frontera Community Solutions, Inc. will be paid 10% of the adjusted gross revenue up to $1 million net monies received from the sale of QOLPOM Hardware and Monitoring services and La Frontera will be paid 7% of the adjusted gross revenue after it has received $1 million of net monies received from the sale of QOLPOM Hardware and monitoring services. Nathan Bradley will enter into an executive employment agreement with QOLPOM for a period of not less than 4 years from closing. The completion of the transaction is subject to the execution of a stock purchase agreement, third party consents, due diligence, execution of employment agreement with Nathaniel Bradley, PARALLAX common stock will be quoted on the OTC Quotation Board on closing date. The Board of Directors of Parallax Health Sciences, Inc. and QOLPOM resolved to approve the transaction. The transaction is expected to close on or before September 30, 2016. Parallax Health Sciences, Inc. (OTCPK:PRLX) completed the acquisition of QOLPOM, INC. from David Bradley, Michael Prudence, Daniel J. Ranieri and Intellectual Property Network, Inc. on September 20, 2016.