EasTower Group, Inc. and EGI Investments, Inc. entered into a non-binding Letter of Intent to acquire OV2 Investment 1 Inc. (TSXV:OVO.P) in a reverse merger transaction on July 16, 2020. The transaction is an arm's length transaction and will be completed by way of a merger or other business combination transaction whereby the OV2, EasTower and EGI Investments, Inc. will combine and shareholders of EasTower and EGI immediately prior to the transaction will acquire a controlling interest in the resulting issuer. The final structure of the transaction is subject to the receipt of tax, corporate and securities law advice for the OV2, EGI, and EasTower. Upon completion of the transaction, the resulting issuer will carry on the business of EasTower. EasTower will carry out a share consolidation, and after giving effect to a planned 75:1 consolidation of its outstanding common stock and the conversion of outstanding convertible promissory notes, EasTower will have 15.45 million shares of common stock outstanding held by 78 shareholders. EGI will also carry out a share consolidation and after giving effect to a planned 3:1 consolidation of its outstanding common stock, and conversion/settlement of the EasTower debt prior to closing, the 45 EGI shareholders shall collectively hold 8.4 million shares of common stock. Immediately prior to completion of the transaction, OV2 intends, subject to the receipt of all necessary shareholder approvals, to consolidate its common shares on the basis of 0.79730908 of a post-consolidation common share for every one pre-consolidation common share. Following this share consolidation, each EasTower Share and EGI share issued and outstanding, will be exchanged for one post-consolidation common share of OV2. As on August 31, 2020, EasTower Group, Inc. entered into a binding Letter of Intent to acquire OV2 Investment 1 Inc. (TSXV:OVO.P) in a reverse merger transaction. The binding letter of intent replaces the non-binding letter of intent between the OV2 Investment, EasTower Group, Inc. and EGI Investments dated July 14, 2020 and is consistent with the terms of the original LOI except that EGI Investments, Inc. will no longer be a party to the transaction. As of August 31, 2020, the definitive agreement is expected to be signed in September 2020. EasTower Group, Inc. entered into a definitive merger agreement to acquire OV2 Investment 1 Inc. in a reverse merger transaction on April 28, 2021.

In conjunction with the transaction, EasTower intends to complete a brokered private placement to secure a minimum of CAD 3 million gross proceeds from an equity financing. OV2 Investment 1 proposes to change its name to "EasTower Group Holdings Inc." and, upon completion of the Transaction, will carry on the business of EasTower. Upon completion of the transaction, it is anticipated that all of the existing directors and officers of OV2 will resign. Vlado P. Hreljanovic, President and Chief Executive Officer of EasTower will lead the new management team. Margaret Perialas will be Executive Vice-President and Director, Paul Perialas will be Chief Financial Officer and Chief Operating Officer, Ted Boyle, Fred Buzzelli and Joe Liberman will be Directors. Trading in the common shares of OV2 has been halted. Completion of the transaction is subject to a number of conditions, including but not limited to, completion of satisfactory due diligence, execution of a binding definitive agreement between the parties, receipt of all applicable regulatory, third-party and board approvals and consents and TSXV approvals, EasTower Group and OV2 shareholder approval, completion of OV2 private placement of subscription receipts, completion of OV2 Pre-Closing Reorganization, and completion of the financing for gross proceeds of at least CAD 3 million, among others. A meeting of shareholders of OV2 Investment 1 Inc. will be held on June 17, 2021. The board of directors of each OV2 and EasTower Group approved the transaction. Robbie Grossman of DLA Piper (Canada) LLP acted as legal advisor to EasTower Group and Michael Partridge of Goodmans LLP acted as legal advisor to OV2.

EasTower Group, Inc. completed the acquisition of OV2 Investment 1 Inc. (TSXV:OVO.P) in a reverse merger transaction on March 11, 2022. OV2 Investment changed its name from “OV2 Investment 1 Inc.” to “EasTower Wireless Inc.” and will start trading on the TSXV under the symbol “ESTW” on or about March 29, 2022. The board of directors of EasTower Wireless now consists of five directors: Vlado P. Hreljanovic, Margaret Perialas, John Edward Boyle, Fernando David Buzzelli and Joel Liebman. The officers of EasTower Wireless are Vlado P. Hreljanovic (Chief Executive Officer and President), Kyle Appleby (Chief Financial Officer) and Margaret Perialas (Executive Vice-President and Corporate Secretary).