posted
LAS VEGAS, NV -- (MARKET WIRE) -- 05/24/06 -- Urbanalien Corporation (PINKSHEETS: UBAL) announced today that the Company has executed a Letter of Intent with Innovative Agricultural Concepts, LLC.
Peter Verbeek, President and CEO of Urbanalien Corporation ("UBAL"), and Dr. Claude Page, President of Innovative Agricultural Concepts, LLC ("IAC"), are pleased to announce that UBAL and IAC have signed a letter of intent dated May 13, 2006, which sets forth the preliminary terms and conditions of a proposed merger transaction in which UBAL intends to acquire 100% of the issued and outstanding units of IAC (the "Acquisition") in exchange for shares of UBAL. The number of shares of UBAL stock to be received by the shareholders of IAC will be dependent upon certain events and conditions at the time of the closing. Prior to issuing the shares to IAC, the Company will undergo a restructuring that will include a CUSIP change and name change to Favored Corporation.
About Innovative Agricultural Concepts, LLC
IAC is a limited liability company formed under the laws of the state of Indiana, USA, having its head office at 7805 W. 900 N, West Lafayette, Indiana 47906. IAC was established in 2002 to market differentiated meat and grain products to niche markets, and has developed the FAVORED® system to brand its products in the marketplace. The FAVORED® system delivers wholesome, flavorful foods, managed with the assurance of being completely traceable from seed to plate. This system focuses on the input and output side of foods and the main traits that consumers desire, those being flavor, texture, marbling and products free from added growth hormones or antibiotics.
Based on its audited financial statements, IAC recorded gross revenues of approximately US$7.2 million and US$1.3 million in each of 2005 and 2004, respectively. For more information on Innovative Agricultural Concepts, LLC, visit http://www.favoredgrain.com as well as an informational video on products and services at http://www.favored.tv
About Urbanalien Corporation
Urbanalien Corporation is a development stage company. It intends to complete an asset acquisition, merger, exchange of capital stock, or other business combination with a domestic or foreign business.
-------------------- Hurry up and wait. Posts: 293 | From: Southern California | Registered: Dec 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
