Orpheum Property Inc. (OTCPK:PLFF) signed a business purchase agreement to acquire 50% stake in Baja Coastal Properties, LLC from Bernard J. Woodard for $6 million in stock on July 15, 2011. As part of consideration, Orpheum Property deposited a sum of $1,000 as an earnest money deposit. Under the terms of agreement, Orpheum Property will issue additional shares to Bernard Woodard if the share price of Orpheum Property goes below $0.15. Transaction also includes 50% stake in Pacific Beach Pebbles S. de R.L. de C.V. a wholly owned subsidiary of Baja Coastal Properties, LLC. The transaction is expected to complete by August 28, 2011. On January 10, 2010, the deal got the unanimous approval of the Board of Directors of Orpheum. Orpheum Property Inc. (OTCPK:PLFF) completed the acquisition of 50% stake in Baja Coastal Properties, LLC from Bernard J. Woodard on December 29, 2011.