800 Commerce Announces Letter of Intent to Acquire Battery On The Go
Last update: 17/09/2014 8:30:00 am
800 Commerce Announces Letter of Intent to Acquire Battery On The Go
Company Markets Products Branded "Xsorii", a Full Line of Mobile Accessories; Merger of Complementary Mobile Technology Businesses to Offer Greater Sales Reach, Executive and Technical Expertise, and Financial Leverage
LOS ANGELES, CA--(Marketwired - September 17, 2014) - 800 Commerce Inc. (PINKSHEETS: ETGH), a public Company within the mobile technology sector, today announced that it has entered into a binding letter of intent (LOI) to acquire Battery On The Go, Inc. ("BOTG"), a Florida based, mobile lifestyle and accessory company. BOTG develops mobile battery technologies under the brand name "Xsorii". The LOI proposes that upon the successful closing of the acquisition, BOTG will become a wholly-owned subsidiary of 800 Commerce and 800 Commerce's Board of Directors will be expanded from two members to five members. New industry experienced management will be replacing and assuming the role of CEO, President and Executive Chairman of 800 Commerce.
While the specific terms of the acquisition will be announced upon the execution of a definitive agreement, the acquisition is expected to be completed within four (4) weeks. The proposed acquisition of BOTG would be conditioned on, among other things, negotiation and execution of a definitive agreement and approval of the merger by the shareholders of both companies. The LOI contemplates that approximately 21 million shares of 800 Commerce stock would be issued to the BOTG shareholders upon closing as consideration for the purchase of 100% of BOTG. In addition, the LOI contemplates that the consummation of the acquisition will be conditioned upon other customary closing conditions and the availability of a Five Million Dollar ($5,000,000) credit line as well as an immediate cash infusion of Five Hundred Thousand Dollars ($500,000) for working capital.
Anthony S. Thomas founded BOTG in 2012 and currently serves as President. Upon the successful completion of the acquisition, he will provide leadership to the executive team, and drive the expansion of the product portfolio into new mobile accessory markets.
"We are sincerely looking forward to becoming part of 800 Commerce. There is a tremendous synergy between our technologies, products, and vision for the mobile technology and accessory market," stated Anthony S. Thomas, President of Battery On The Go.
"This proposed acquisition will enable both of our Companies to leverage the strength of our public market and financial resources. The Battery On The Go and Xsorii multi-channel distribution and carrier presence is an excellent fit to broaden our product development, grow sales reach globally, and significantly increase our opportunity to grow revenue and returns to our shareholders," said B. Michael Friedman, CEO of 800 Commerce.
