Tesoro Enterprises, Inc. terminates reverse merger discussions
Nov 02, 2011
OTC Disclosure & News Service
New Canaan, CT -
Tesoro Enterprises, Inc. ("TEI"), trading symbol TSNP, announced today the termination of its Reverse Merger ("RM") discussions with InPlays, Inc. Henry J. Boucher, TEI's CEO said that while the transaction with InPlays had merit, it did not provide the best option for the shareholders of TEI. Mr. Boucher cited the Company's revenue growth of its operating subsidiary, the upcoming release of its redesigned e-commerce web site and the potential to expand the retail operations as reasons to continue the strategy put forth by the company over the last two years.
Furthermore, Mr. Boucher is happy to inform the shareholders that TEI is in talks with private investors to receive non-toxic financing for its retail consortium expansion. The financing could be used to push revenue into the million dollar range. Many have worried about a possible RM and Management wishes to set shareholders at ease by stating that there is no RM needed or planned in the foreseeable future. TEI is a fiscally conservative company and because operating capital has been limited, it has chosen not to issue press releases that do not address the underlying concerns for shareholders or properly express the direction of the company. Lastly management is discussing a possible share retirement program in order to reduce the current share structure to facilitate shareholder return and better reflect fair market value.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
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