GelStat Corp. (OTCPK:GSAC) entered into a letter of intent to acquire CBD LIFE SCIENCES, INC. from Larry Gershman on June 10, 2013. GelStat Corp issued 142.8 million shares of common stock for the acquisition of CBD Life Sciences, Inc. Upon closing of the transaction, Larry Gershman will assume the position as Chief Executive Officer and Chairman of the Boar of GelStat.

Gerald Kieft, the GelStat's present Chief Executive Officer, will assume the position of Chief Financial Officer. The transaction is subject to the completion of standard due diligence and closing conditions and is expected to close within 45 days.