TSNP Signs LOI for a Reverse Merger With InPlays Sports Corp.
Marketwire "Press Releases"
NEW CANAAN, CT -- (MARKET WIRE) -- 09/08/11 --
Tesoro Enterprises Inc (PINKSHEETS: TSNP) today announced that it has signed a non-binding letter of intent (LOI) which contemplates a proposed reverse merger with InPlays Sports Corp. (InPlays), a privately held company specializing in online media and marketing targeting high school and college students.
Under the terms of the LOI, InPlays would acquire Tesoro Enterprises Inc., pursuant to the contemplated merger exchange agreement. Following the closing of the anticipated merger, InPlays would emerge as the surviving company with a name and symbol change to follow. The merger is subject to a number of conditions, including the signing of a definitive merger agreement by November 7, 2011.
Commenting on the potential merger, InPlays CEO Andrew Barwicki stated: "After significantly growing our business over the past few years, I strongly believe that the next logical step in our corporate development is having our stock quoted in a public market. The greater access to capital and overall visibility afforded by operating as a publicly-traded organization should play an instrumental role in our ability to expand both through acquisition and the organic growth of our existing business."
Mr. Barwicki concluded, "My due diligence to date reveals strong evidence that a potential reverse merger with Tesoro represents a solid opportunity to take the InPlays business model to the next level. I look forward to updating the public on our progress with regard to pursuing this agreement in the very near future."
Tesoro CEO Bud Boucher added, "I believe that a merger with InPlays Sports Corp is the best option for our company. Upon a definitive merger agreement being signed, the Fashion Floor Covering and Tile Inc. stores will be spun off into a private company."
