SITEWORKS INC. ENTERS INTO LETTER OF INTENT TO MERGE WITH REAL ESTATE CONGLOMERATE UBUY HOMES INTERNATIONAL CORPORATION
SiteWorks Inc. (Pink Sheets:SWKJ - News) announced today that it has entered into a Letter of Intent to merge with Ubuy Homes International Corporation, http://www.ubuyhomes.com .
Under the terms of the acquisition, SiteWorks Inc.'s Board of Directors will resign and Ubuy Homes International Corporation will appoint its current Board of Directors, effectively taking control of SiteWorks Inc. Additionally, as part of the transaction, SiteWorks Inc. will exchange common shares for common shares of Ubuy Homes International. The exchange formula will be based on both companies' board approval and final negotiation. SiteWorks Inc. will become an independent subsidiary of Ubuy Homes International upon the completion of the merger.
Upon the closing of the transaction and a name change to Ubuy Homes International, the company will apply for a new CUSIP number and new trading symbol. The shareholders of SiteWorks Inc. must return all shares presently issued and outstanding to SiteWorks Inc.'s transfer agent within 15 days after the date of closing. The shareholder will be issued new certificates in the new entity.
The final terms and conditions of the proposed transaction will be subject to both boards approving the merger and both companies' due diligence.
Peter Leon, President of Ubuy Homes International, said, "The merger will provide our company with a means of growth through acquisitions as well as opening the window to the capital markets that will provide our company with the necessary financing for our rollout franchise program."
About SiteWorks Inc.
SiteWorks, Inc. is a Florida company engaged in the business of total site and built environment solutions. The company's core business is the site construction for housing developments and middle-income multifamily buildings. SiteWorks, Inc. also performs construction management and general construction services. Other services provided include the marketing and distribution of innovative construction related and other technology products.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although SiteWorks believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will materialize. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release. Source: SiteWorks, Inc. Research report available at: http://www.watervilleresearch.com/companies/development/226-1.html.
-------------------------------------------------------------------------------- Contact: SiteWorks, Inc., Miami Carl Nurse, 305-573-9339 cnurse@mysiteworks.net http://www.mysiteworks.net or Ubuy Homes International Corporation Marlene Shim, 954-575-7296
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