SCOTTSDALE, Ariz., March 23, 2017 /PRNewswire/ -- Delta International Oil & Gas Inc. (OTCQB: DLTZ) ("Delta") is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire Cardinal Electronics Inc. ("Cardinal"). In February, Delta announced the signing of an LOI for Naptech Test Equipment, Inc.
Under the LOI, Delta will acquire 100% of the outstanding shares of Cardinal in exchange for a 3-year convertible promissory note. The transaction is subject to the execution of a definitive acquisition agreement with Cardinal and is targeted to close in the second quarter of this year.
"We're pleased to announce our second LOI this year," stated Santiago Peralta, CEO of Delta. "As the sale of our existing properties in Argentina is moving to close, it is great to have two acquisitions lined up to build Delta as we seek to grow the company significantly over the next 24-36 months. Cardinal will complement Naptech as part of our tech-oriented acquisition strategy."
Forward Looking Statements
This press release contains forward–looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering new business, anticipated sources of funds, including proceeds from future operations and plans, objectives, expectations and intentions contained in the Press Release that are not historical facts such as "estimated gross…prospective resources, will be sold, etc." Because these forward looking statements involve risk and uncertainties, actual results could differ materially from those discussed in the Press Release. These risks are outlined in our SEC filings.
Contact: Santiago Peralta
Delta International Oil & Gas Inc.
Phone: (480) 483-0420
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SOURCE Delta International Oil & Gas Inc.