Entest Biomedical, Inc. (OTCPK: ENTB) signed a letter of intent to acquire the assets of Rainbow Veterinary Hospital from Timothy Metzger for $2 million on July 19, 2011. The purchase price will be paid as follows: Entest Biomedical shall deposit $0.3 million worth of Entest BioMedical Inc. common stock within three days of execution of the escrow agreement and will be given back if agreement is not signed between them. The transaction is subject to signing of a definitive agreement, regulatory approval, execution of employment and non competition agreements. The transaction is expected to close no later than September 1, 2011. Herman H. Pettegrove acted as escrow agent in the transaction. Entest Biomedical, Inc. (OTCPK: ENTB) cancelled the acquisition of the assets of Rainbow Veterinary Hospital from Timothy Metzger on July 19, 2012.