MIAMI , Sept. 13, 2012 /PRNewswire/ -- Onteco Corporation (OTC-QB: ONTC), (the "Company", or "Onteco"), announced today that it had entered into a Letter of Intent to acquire all of the issued and outstanding shares of Cyber Centers International Corporation, a privately-held Florida corporation, ("CCI"), in exchange for the issuance of a number of shares of common stock of the Company. CCI is in the business of interactive money games.
In accordance with the terms of the Letter of Intent, the Company and CCI will enter into a definitive agreement subject to the successful completion of due diligence and negotiation of the terms of a definitive agreement and related other agreements in a form acceptable to each. At this date, the structure of the transaction between the two companies remains in negotiation, and is expected to be completed within thirty days. In the event a definitive agreement has not been executed by the Company and CCI by September 28, 2012 , the Letter of Intent may be terminated.
"We are very excited about this business acquisition by Onteco of CCI," said Onteco President, Jorge Schcolnik . "We have been working toward this goal for some time. The CCI team is comprised of a highly innovative group of talented gaming developers, and business professionals." Schcolnik concluded, "For our shareholders, we are extremely confident that CCI will generate a growing revenue stream within a relatively short period of time."
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