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Running Hard. Get em while they are cheap. SportsNuts, Inc., Enters Into Letter of Intent to Acquire Sports Marketing and Advisory Firm Monday May 23, 4:00 pm ET Sports Solutions International Acquisition is Consistent with SportsNuts' Growth and Expansion Plan
SALT LAKE CITY--(BUSINESS WIRE)--May 23, 2005--SportsNuts, Inc., (OTCBB: SPCI - News), a sports management and marketing company, announced today that it has entered into a Letter of Intent ("LOI") with Cavnar Sports to acquire Sports Solutions International, Inc. ("SSI"), which provides strategic, financial, marketing, legal, technological and operational consulting to athletes and sports manufacturing and distribution companies. SportsNuts expects to complete the acquisition within 30 days. Under the terms of the LOI, SportsNuts, will acquire 100% of the outstanding shares of SSI which will, thereafter, become a wholly owned subsidiary of SportsNuts. After the acquisition, SSI will operate offices in Los Angeles and Salt Lake City, allowing broad exposure in different markets of the western United States. In addition, SportsNuts intends to retain the services of Jason Cavnar, CEO of SSI, which will allow a seamless transition and allow SportsNuts to utilize Mr. Cavnar's experience and numerous contacts in the sports industry.
In discussing the anticipated acquisition of Sports Solutions International, Kenneth Denos, CEO of SportsNuts stated, "The acquisition of Sports Solutions International is an excellent opportunity to broaden our reach and exposure into additional areas of the billion dollar sports' market. This acquisition will represent the culmination of our efforts to build SportsNuts into a leader in the sports management and advisory industries. We anticipate the acquisition of Sports Solutions International will allow us to continue to realize increased revenue from one quarter to the next and will provide us opportunities of further expansion and growth in the future."
"We are excited at the opportunity to become an integral part of SportsNuts' nationwide expansion and the ability to provide SportsNuts with further integration into the sports' marketplace," said Jason Cavnar, CEO of Sports Solutions International. "The teaming of SportsNuts and Sports Solutions International will allow both companies to cross-market their services to each others' current clients and customers in sectors of the sports marketplace that neither company has reached in the past. The SportsNuts organization is a perfect fit for us and we look forward to sharing in and contributing to SportsNuts' future success."
About SportsNuts
SportsNuts is a sports management and marketing company, with a focus on community-based amateur athletics, providing unique solutions to the challenges faced by athletes and the organizations in which they participate. The Company helps organize and manage a wide variety of sports events, providing online registration and merchandise sales, event sponsorship, event coordination, and targeted promotion using technology and strategic media relationships. The Company seeks to be the emerging technology leader in sports information systems and the only organization of its kind to complement its technology solutions with offline marketing, sales, and support. The Company's mission is to become the ultimate resource for amateur and community event coordinators, administrators, athletes, fans and coaches.
This press release contains certain ``forward-looking statements,'' as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such risk factors are detailed from time to time in the Company's filings on forms 10-QSB, 10-KSB, and 8-K with the U.S. Securities and Exchange Commission and other regulatory authorities.
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SPSI had a nice little mini-run today after the mm's grabbed their cheap shares yesterday. I believe more is coming. Keep it on the radar.
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