May 29 (Reuters) - Ionic Brands Corp IONC.CD :
* IONIC BRANDS CORP - ENTERED INTO A LETTER OF INTENT TO ACQUIRE BRITISH HERITAGE BRAND ASTLEYS OF LONDON HK LIMITED
* IONIC BRANDS - WILL PURCHASE ASTLEYS' PORTFOLIO OF INTERNATIONAL INTELLECTUAL PROPERTIES AND RETAIN BRAND'S PRINCIPAL MANAGEMENT TEAM
* IONIC BRANDS -PAYMENT OF INITIAL PURCHASE PRICE BASED ON CASH PAYMENT OF US$1 MILLION ON CLOSING OF DEAL, ISSUANCE SHARES OF CO EQUAL TO US$6.8 MILLION VALUE