TAMPA, Fla., Feb. 8 /PRNewswire-FirstCall/ -- Preservation Sciences, Inc. ("Preservation") and EFUEL Network, Inc. ("EFN") announce the execution of a definitive agreement to consummate a merger whereby Preservation has agreed to acquire EFN as a wholly owned subsidiary and, in consideration, Preservation has authorized the issuance of one hundred fifty million preferred shares to existing EFN shareholders; which will not be registered under the Securities Act of 1933 or the securities laws of any state. The name of the new company is EFuel EFN Corp. It is now traded under the ticker symbol 'EFUL'. (Pink Sheets: EFUL).
Joseph Cillo, former president of EFN and the newly appointed chief executive officer of Preservation commented that "this provides for a tremendous opportunity for both Preservation and EFUEL's shareholders to capitalize on a diverse holding of internet communication and commerce sites within a public entity".
EFN was previously a privately held Florida corporation engaged in hosting various internet sites including: Efuelstore.com, Outrageousencounters.com, preventpeerpressure.com, valimate.com, veritas.com, and I-nexsolutions.com.
I-NEXSOLUTIONS -- Increase Revenues in three (3) straight quarters. -- The business has grown without benefit of any marketing to date. -- We expect explosive growth once the marketing program starts. -- Our plan is to drive business to I-NEX with promotions from our websites. -- We plan to offer free background screening to new members of our website. -- We feel I-NEX will continue to be a profit center and a valuable contribution to EFUEL Network, Inc.
I-NEX intends to create a division that we are minority owned and will bid on government and large corporate contracts for their background screening and verification needs.
EfuelStore.com
The only online store that caters to living life.
EfuelStore.com offers items in categories such as flowers, candy, baskets, romantic gifts, lingerie, love enhancements, clothing, electronic devices, home wares, and links to affiliate sites for life enrichment, such as dating chat/games, pharmacy, etc.
OUTRAGEOUSENCOUNTERS.COM
The site where nature can take its course.
Other dating sites promise to match couples with testing in areas of up to 29 areas of compatibility, but at OUTRAGEOUSENCOUNTERS.COM you can let Nature take its course via video introduction and live video chat with the assistance of an on screen concierge. At OUTRAGEOUSENCOUNTERS.COM, we believe that mere picture dating is a thing of the past real time video dating has arrived.
Future enhancements include access to live video games, live concierge, and private real time one on one chat rooms.
PREVENTPEERPRESSURE.COM
The site where you can make a difference.
A site designed to help parents prevent their children from falling into a peer pressure trap that leads to drug and/or alcohol abuse and ruined lives. Prevent Peer Pressure generates revenue through the sale of home drug, alcohol, and nicotine testing kits that parents use to test their children. A child that knows that the use of illegal drugs, alcohol and/or tobacco will be detected can truthfully say, "No, I'll get caught", and thereby gives them an out and helps them resist the pressure from their peers to "join in".
VALIMATE.COM
The only background-screening site designed exclusively to assist people in making dating a safer experience.
Through VALIMATE.COM anyone can search the public records for information concerning their new "friends" possible criminal activity including marital status, child support payment, DUI history, as well as verify other claims. VALIMATE.COM will offer a free background check to all EFUEL Network, Inc.'s dating site monthly paying members.
VERITAS.COM
The site designed to find the truth about anyone's ID, background, and/or verification.
Offers searches for the general public providing information on criminal activity, verifying claimed personal information, as well as gathering other information regarding corporations, organizations, and individuals.
OWN -- EFUEL Network, Inc. will operate a consulting division that already has invested over one million ($1,000,000) dollars in convertible notes in publicly traded companies. -- Over five hundred thousand ($500,000) dollars is invested in Adzone Research (ADZR) as a major investor and shareholder we intend to work with ADZR to create a product that will help parents monitor their children's internet conversations. -- We at EFUEL Network, Inc. believe that one of the benefits of going Public besides increased visibility is that our members will want to become shareholders and our shareholders will want to become members of our sites. -- Disclaimer
The merger agreement follows a Florida proceeding for the assignment for the benefit of creditors where the core assets of Preservation were transferred in exchange for a release of all current and future obligations of the existing debt holders.
The company has also established new corporate headquarters and can be contacted as follows:
Preservation Sciences, Inc. - Investor Relations 13902 N. Dale Mabry Hwy. Tampa, FL 33618
The Private Securities Litigation Reform Act of 1995 (the "PSLRA") provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
Statements contained herein that are not based on historical fact, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the PSLRA. Preservation and EFN intend that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause Preservation and EFN actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors.
SOURCE Preservation Sciences, Inc.
Contacts:
Frank Pinizzotto of Preservation Sciences, Inc. 727-698-7492 pinizzottof@yahoo.com
Public Companies Associated with this story: EFUL
Knobias Subject Codes Associated with this story: Merger/Acquisition
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