MIAMI, Sept. 13, 2012 /PRNewswire/ -- Onteco Corporation (OTC-QB: ONTC), (the "Company", or "Onteco"), announced today that it had entered into a Letter of Intent to acquire all of the issued and outstanding shares of Cyber Centers International Corporation, a privately-held Florida corporation, ("CCI"), in exchange for the issuance of a number of shares of common stock of the Company. CCI is in the business of interactive money games.
In accordance with the terms of the Letter of Intent, the Company and CCI will enter into a definitive agreement subject to the successful completion of due diligence and negotiation of the terms of a definitive agreement and related other agreements in a form acceptable to each. At this date, the structure of the transaction between the two companies remains in negotiation, and is expected to be completed within thirty days. In the event a definitive agreement has not been executed by the Company and CCI by September 28, 2012, the Letter of Intent may be terminated.
"We are very excited about this business acquisition by Onteco of CCI," said Onteco President, Jorge Schcolnik. "We have been working toward this goal for some time. The CCI team is comprised of a highly innovative group of talented gaming developers, and business professionals." Schcolnik concluded, "For our shareholders, we are extremely confident that CCI will generate a growing revenue stream within a relatively short period of time."
About Cyber Centers International Corporation
Cyber Centers International Corporation through its development of an innovative technology for interactive gaming is capitalizing on the growing trend in interactive gaming combined with social marketing. CCI's vision is to become the benchmark in social money games.
About Onteco Corporation
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant global environmental challenges. Today, the Company is broadening its operational footprint into rapidly growing consumer markets.
Additional information about Onteco Corporation is available at: www.Onteco.com
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
CONTACT: Onteco Corporation
Dror Svorai, CEO, (305) 932-9795
SOURCE Onteco Corporation