REVERSE MERGER: Our Profile List stock (OTCBB: FYTK 0.09 x 0.10) issued a 10Q announcing that it entered into a letter of intent to complete a merger transaction with Ronco Marketing Corporation.
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Fi-Tek VII, Inc. (FYTK) announced an Agreement and Plan of Merger in which it will acquire Ronco Marketing Corporation ("RMC"). FYTK will merge RMC into a newly formed subsidiary with RMC being the surviving corporation. Each share of RMC's common stock issued and outstanding immediately prior to the effective date shall cease to be outstanding and shall be converted into and exchanged for the right to receive 1.6452794 shares of common stock of FYTK. RMC has entered into an asset purchase agreement with various parties to acquire assets or the manufacturing, distributing, and marketing of various consumer products for the kitchen and home.
Fasten you seat belt, it's going to move today.
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TDI Holding Corp. announced it plans to buy Ronco Marketing Corp. and change its name to Ronco Corp. by March 31.
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TDI (OTC BB: TDIH) is based in Denver. Ronco is a private Delaware corporation.
Ronco has no assets and focuses on buying assets of private companies that do direct marketing of consumer goods. TDI will merge Ronco with its wholly owned, new subsidiary, Ronco Acquisition Corp. Ronco will be a wholly owned subsidiary of TDI.
Under the merger, Ronco shareholders will receive approximately 2,130,000 shares of post 1-for-44 reverse split TDI common stock. That will equal approximately 81 percent of TDI's outstanding common stock as of the closing date.
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Ronco did not signed the agreement with TDIH and closed a new agreement with FYTK just before the closing date. My opinion is that FYTK has very low liabilities level and the new deal is for sure more interesting for Ronco. Asset put in the new structure will be practically plenty used for the marketing activity (USD 50 million). Good luck!
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Not moving anymore? Still standing on very high pressure on the price but no sell ...The asset put in the new entity will be worth 50 millionUSD. It's a lot of money and beside that the new company will be valorised with ongoing business. Within next 30 days we should know if parties will sign this agreement. Good luck
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