LATF: Buyout news... PRESS RELEASE Nov. 7, 201
Post# of 98045
Posted On: 11/08/2013 8:57:13 AM
LATF: Buyout news...
PRESS RELEASE
Nov. 7, 2013, 5:39 p.m. EST
Latteno Receives All Cash Offer to Buyout Assets of Wholly-Owned Subsidiary Mekonza Corp.
Company Rejects Previously Announced $1,000,000 Convertible Debt Offer
SANTA ANA, CA, Nov 07, 2013 (Marketwired via COMTEX) -- Latteno Food Corp. (otc pink:LATF) today announce that it has received several cash and stock offers to buy out its high revenue and profitable Mekonza or its assets. After several weeks of negotiation and due diligence, the Company's management has decided to accept the cash offer from a yet-to-be-announced publicly-listed food importer; and reject the previously announced funding commitment that involved convertible debt.
The offer, to acquire 100% assets of Mekonza including clients base, technology know-how and equipment, consists of $500,000 cash upfront plus trailing payments based on revenues performance and milestone reached. Letter of intent has been signed by both parties; However, Latteno management reserves the right to omit the name of the suitor until a Definitive Agreement has been signed.
CEO Thu Le comments: "We're very fortunate to receive such a generous and expedient offer. Our wholly-owned Mekonza has been getting quite a bit of buzz in the seafood community as of late. We have constant pursuers chasing after our high revenue/profitable Mekonza and now we've reached our decision to pursue with this high profile, publicly-traded entity which we will disclose shortly."
PRESS RELEASE
Nov. 7, 2013, 5:39 p.m. EST
Latteno Receives All Cash Offer to Buyout Assets of Wholly-Owned Subsidiary Mekonza Corp.
Company Rejects Previously Announced $1,000,000 Convertible Debt Offer
SANTA ANA, CA, Nov 07, 2013 (Marketwired via COMTEX) -- Latteno Food Corp. (otc pink:LATF) today announce that it has received several cash and stock offers to buy out its high revenue and profitable Mekonza or its assets. After several weeks of negotiation and due diligence, the Company's management has decided to accept the cash offer from a yet-to-be-announced publicly-listed food importer; and reject the previously announced funding commitment that involved convertible debt.
The offer, to acquire 100% assets of Mekonza including clients base, technology know-how and equipment, consists of $500,000 cash upfront plus trailing payments based on revenues performance and milestone reached. Letter of intent has been signed by both parties; However, Latteno management reserves the right to omit the name of the suitor until a Definitive Agreement has been signed.
CEO Thu Le comments: "We're very fortunate to receive such a generous and expedient offer. Our wholly-owned Mekonza has been getting quite a bit of buzz in the seafood community as of late. We have constant pursuers chasing after our high revenue/profitable Mekonza and now we've reached our decision to pursue with this high profile, publicly-traded entity which we will disclose shortly."
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