VANCOUVER, British Columbia, Dec. 19, 2013 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) (Olie) President, Robert Gardner, is pleased to announce that it is in an advanced stage of completing a Letter of Intent to accomplish a Forward Acquisition transaction of Hi Score Corporation, (OTC:HSCO) (HSCO) as a wholly owned subsidiary of OLIE. The transaction will be for Convertible Preferred D Stock of OLIE. Final acquisition documents will be completed once HSCO has completed its look back audit.
Robert Gardner, President of Olie states, "The acquisition of another publicly traded company is rarely done in the micro markets. HSCO also owns an MTN, credit linked to a AAA US Treasury Strip. In addition HSCO is better managing its debt to equity ratio, and has paid to complete its audit in order to become fully reporting. We believe that this transaction significantly will enhance our shareholder base."
William White, CEO of Hi Score Corporation, further states, "We have on our balance sheet, a $5,000,000 USD MTN, credit linked to a AAA US Treasury Strip, and we have moved off a considerable amount of affiliate and non-affiliate debt. Once we complete our assignments for third party debt in several of the issuers we are consulting for, Hi Score, will have cash on its balance sheet to enhance its Net Stockholders' Equity. Our auditors, Malone Bailey LLP, have also been paid to complete our audit, so we anticipate the transaction will shortly be finalized. This is a remarkable opportunity for our stockholders, who will own OLIE Preferred Stock after completion."
Safe Harbor Statement :
This release may include "forward looking statements" within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and /or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties.
Robert C. Gardner, President 604 669-9000 www.olietech.com
