Peeppl Media Inc. entered into a non-binding, arm's length letter of intent to acquire Seaway Energy Services Inc. (TSXV:SEW) in reverse merger transaction on April 16, 2014. In accordance with the letter of intent, Seaway will acquire an aggregate of approximately 2.3 million common shares in the capital of Peeppl, which aggregate includes common shares proposed to be issued by Peeppl on exercise of outstanding stock options anticipated to be exercised following accelerated vesting just prior to closing, as well as common shares proposed to be issued by Peeppl on conversion of outstanding convertible notes in exchange for approximately 8.8 million common shares in the capital of Seaway (an approximate 3.67 for one basis), at a deemed per share price of CAD 0.34 for an aggregate consideration of CAD 2.9 million. The payment shares issued by Seaway to the Peeppl shareholders will be subject to a hold period of four months and one day from the date of issuance and the payment shares issued by Seaway to the principals of Peeppl may be subject to escrow or seed share resale restrictions in accordance with the policies of the exchange. On execution of the letter of intent, Seaway paid a CAD 0.025 million non-refundable deposit to Peeppl as consideration for entering into the letter of intent. Seaway will change its name to a suitable name as is agreed to by the parties.

Clovis Najm, President, Chief Executive Officer and controlling shareholder of Peeppl was appointed as a Director of Seaway. The board of directors of the surviving public company will consist of Kyle Stevenson (President, Chief Executive Officer and Corporate Secretary of Seaway), Richard Stevenson and Brian Morrison, the current Directors of Seaway. It is proposed that Lisa Dea, currently an employee of Peeppl, will be appointed as Chief Financial Officer of surviving public company.

The transaction is subject to entering into of a definitive share exchange agreement between Seaway and the Peeppl shareholders, completion of a financing, completion of satisfactory due diligence by each of Seaway and Peeppl, receipt of all required approvals and third-party consents of the Boards of Directors and shareholders of Seaway and Peeppl, customers, lenders, lessors and regulatory authorities, final acceptance by the exchange of the transaction, the financing by Seaway, Seaway's name change and all other items in connection with the change of business and other conditions precedent that are customary for a transaction of this nature.

On October 31, 2014, terms of the agreement were revised and Seaway Energy Services Inc. announced that on closing of the Transaction, it will purchase all of the issued and outstanding securities of Peeppl in exchange for 9.99 million post-consolidation common shares of Seaway at a deemed price of CAD 0.45 per share for an aggregate consideration of CAD 4.49 million. As of March 2, 2015, The transaction is expected to close on March 30, 2015 along with change of business of Seaway Energy. DelMorgan & Co. acted as financial advisor for Seaway and Peeppl.