Novo Healthnet Limited signed the letter of intent to acquire Turbine Truck Engines, Inc. (OTCPK:TTEG) in a reverse merger transaction on January 2, 2017. Novo Healthnet Limited entered into a share purchase agreement to acquire Turbine Truck Engines, Inc. (OTCPK:TTEG) in a reverse merger transaction on April 25, 2017. As a part of the transaction, Turbine Truck Engines will issue 167.797406 million restricted shares of common stock representing 85% of the equity in exchange of all the shares of Novo Healthnet. As of the closing of the transaction, TTEG’s Board will expand the size of the Board of Directors to be six persons, and to name the nominees of the Novo Healthnet shareholders to fill the newly created vacancies. Vincenzo Cirillo shall resign as a director and as the Interim Chief Executive Officer of TTEG, Judy Norstrud shall resign as the Principal Financial Officer and Principal Accounting Officer of TTEG, Chris David shall resign as the Secretary and Treasurer of TTEG, but shall remain both as the President of TTEG and as a director. In connection with the resignations of Vincenzo Cirillo and Judy Norstrud, TTEG will enter into a settlement and general release agreement. As of May 3, 2017, an amendment was made to the share purchase agreement wherein Novo Healthnet clarified that TTEG will issue up to 1.25 million shares of common stock prior to the closing of the share exchange as payments to certain directors, officers, employees or consultants of TTEG. The transaction is subject to execution of definitive binding agreements, completion of due diligence by the parties, necessary board approvals and shareholder approvals for the transaction prior to the execution of the definitive agreement, all necessary regulatory approvals and other customary closing conditions. As of May 1, 2017, transaction got approved by Turbine Truck Engines board of directors. Legal & Compliance acted as legal advisor to Turbine Truck Engines, Inc.