Tesoro Enterprises Inc. Signs Letter of Intent for a Reverse Merger With InPlays Sports Corp.
September 08 2011 - 11:03AM
Marketwired
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."
About InPlays Sports Corp InPlays Sports Corp.
(www.inplays.com), an online media & marketing company,
utilizes the popularity of professional sports to award college
scholarships to students. InPlays currently has 762,000+ students,
referred to as Members, that participate in a daily sports ticket
by competing to win a college scholarship. The company generates
its revenues from advertisers, the sale and auction of goods to its
Members and ancillary revenue streams.
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. and InPlays Sports Corp 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: InPlays Sports Corp. Andrew Barwicki
516-670-9083 Email Contact