Tesoro Enterprises, Inc. Signs Letter of Intent for a Reverse Merger with InPlays Sports Corp.
Sep 09, 2011
OTC Disclosure News Service
New Canaan, CT –
New Canaan, CT – Tesoro Enterprises Inc (Trading Symbol: 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 for sale 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.
InPlays Sports Corp.
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