Monday, Mach One Corp. (MNCN.PK) said it signed a non-binding letter of intent or LOI dated December 30, 2008 related to a proposed transaction with Modular Process Constructors LLC to acquire all of the outstanding member interests of the Modular Process.
The non-binding terms of the LOI provide that all members of Modular Process would receive shares of Mach One in exchange for 100% of their interest of Modular Process. The terms include issuance of preferred stock with conversion rights at 0.25 per share in Mach One Corp. common stock.
The company said there can be no assurance that any definitive agreement will be entered into, that any proposed transaction will be approved by the members of Modular Process or that any transaction will be completed as a result of the execution of the letter of intent.
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