SpectrumDNA, Inc. (OTCPK:SPXA) entered into a non-binding letter of intent to acquire Cannon Resources, LLC for $1.2 million in stock on January 30, 2015. SpectrumDNA will issue 300 million shares as purchase consideration. In a related transaction, SpectrumDNA, Inc. (OTCPK:SPXA) also entered into a letter of intent to acquire Cannon Resources Holdings, LLC and Bik Air, LLC on January 30, 2015. The Board of Director of SpectrumDNA would include Parrish B. Ketchmark, Terrence J. Dunne, Philip Jan Cannon, Kib Cannon and another nominee as agreed. The letter of intent is subject to the execution of an acquisition agreement, completion of due diligence by the parties of each other, Canon obtaining audited and other statements necessary for SEC filing, number of issued or issuable common shares of SpectrumDNA being maximum 336 million and entering into certain agreements related. SpectrumDNA also intends to raise $4 million in equity financing before the close of the transaction. The capital raising is not a condition to transaction completion. The definitive agreement is expected to be signed within 30 days.

SpectrumDNA, Inc. completed the acquisition of Cannon Resources, LLC on January 30, 2016.