NEW YORK, July 5, 2012 /PRNewswire/ -- Eagle Oil
Holding Company (OTC: EGOH) is pleased to provide a corporate
update by announcing that the company has entered into discussions
regarding a reverse merger with InPlays Sports Corp.
Brian Wilmot, President and Chief
Executive Officer of Eagle Oil Holding Company stated, "Although we
are in the early stages of discussions and negotiations, I am
pleased to provide to Eagle Oil shareholders a corporate update and
information regarding the future of the company. Over the last 6
years Eagle Oil has made numerous attempts to begin workovers
to generate revenues and profit on the Siler property in
Texas, all of which would've
increased shareholder value, however, the economic climate,
combined with the difficulty in raising capital and finding
partners to put the property into production has made our efforts
very difficult."
"After careful consideration and discussions, Eagle Oil Holding
Company is entering into a reverse merger agreement with InPlays
Sports Corp. I am pleased to provide details regarding the reverse
merger process in this press release. We will issue additional
press releases as timeframes are determined and final details are
concluded. We will also have a conference call within the next
2-months to answer any questions you may have. Details regarding
the conference call will be issued accordingly."
A reverse merger is the acquisition of a public company by a
private company so that the private company can bypass the lengthy
and complex process of going public. The transaction typically
requires reorganization of capitalization of the acquiring
company.
Process
In a reverse merger, shareholders of the private company
purchase control of the public company and then merge it with the
private company. The transaction involves the private and public
company exchanging information on each other, negotiating the
merger terms, and signing a share exchange agreement. At the
closing, the public company issues its shares and board control to
the shareholders of the private company. The private company's
shareholders pay for the public company by contributing their
shares in the private company to the public company that they now
control. This share exchange and change of control completes the
reverse merger, transforming the formerly privately held company
into a publicly held company.
InPlays Sports Corp. (www.inplays.com), is an online
sports-media company, providing news and information about youth
sports programs, including middle-, junior- and high school sports,
college sports and independent leagues. Our vision is to provide
ALL school and independent leagues sporting news to our website
visitors. We do that by providing a medium for students throughout
the United States to write
articles about schools, teams and players. We connect
advertisers to the consumers who matter most to them - STUDENTS!
InPlays also raises cash for youth sports programs through a Sports
Picking Contest that allows people to be contestants and win cash
prizes.
Andrew Barwicki, Founder and CEO
of InPlays commented, "I am very pleased to have entered into
discussions with Brian in pursuing a reverse merger that I believe
will increase shareholder value for Eagle Oil shareholders and
provide InPlays shareholders with a public market for our stock.
The success at InPlays is attributed to the market and need for
advertisers to reach students in an uninterrupted manner. Brian and
I have scheduled a number of additional meetings over the next
2-weeks to continue our current negotiations and finalize a deal
that we believe will be fair and beneficial to Eagle Oil and
InPlays shareholders."
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 Eagle Oil Holding Co. 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:
Andrew Barwicki
andrew@inplays.com / 516-662-9461
SOURCE Eagle Oil Holding Company