Crosswinds Holdings Inc. entered into a binding letter of intent with a presently unnamed private counterparty for a reverse takeover, or similar transaction.

The potential deal would see Crosswinds acquiring the counterparty in exchange for a substantial majority of Crosswinds' outstanding shares. The two parties will negotiate definitive agreements and conduct due diligence, and there can be no assurance on the future of the deal.

The development comes two months after Crosswinds obtained the final order from the Court of Queen's Bench of Alberta approving the company's dissolution, followed by the distribution of all of its available capital to shareholders through a reverse stock split and the redemption and cancellation of certain shares.