Bioflamex Corporation, Prior to Reverse Merger with Terra Asset Management, Inc. announced that it has cancelled the transaction announced on March 27, 2012.

Bioflamex Corporation (OTCBB:BFLX) announced that it intends to conduct a private placement of equity shares for gross proceeds of $10,000,000 on March 27, 2012. The funding will involve the participation of new investor Fairhills Capital. On April 5, 2012, the company announced that it has entered into definitive agreement for the financing. The transaction is expected to close in the coming week. On May 22, 2012, Bioflamex Corporation cancelled the transaction.