Petlife Pharmaceuticals Inc. said it will return all of the intellectual property assets that its unit PetLife Inc. acquired from Healthy Life Pets LLC under an asset purchase agreement entered last year.

Healthy Life Pets, in exchange, will return all shares of the company issued under the agreement.

The company acquired various trademarks of Healthy Life Pets in exchange for 1.45 million Petlife Pharmaceuticals common stock which were to be issued, in full, by May 1, 2019.