TUP Capital and Piped Vault Announce Proposed Qualifying Transaction

TUP Capital Inc. (TSXV:TUP.P) and PIPED Vault Inc. have announced the signing of a letter of intent for TUP to acquire all of PIPED's securities. This transaction will result in a reverse takeover of TUP by PIPED, designating TUP’s “Qualifying Transaction” as defined by the TSX Venture Exchange.

The closing will see TUP, subsequently listed as a Tier 2 Technology Issuer, continue PIPED's business under the name "PIPED Inc." Conditions for completion include entering into a definitive agreement, obtaining necessary consents, and completing concurrent financing between $500,000 to $2,000,000.

Post-transaction, TUP's officers will include Greg Wilson, and its board will have five directors, one nominated by PIPED and others mutually agreed upon. Trading in TUP shares remains halted pending review. The transaction involves a finder’s fee agreement with iA Capital Markets, calculated at $100,000 plus taxes.