WILTON, Conn., August 10, 2015 /PRNewswire/ -- Tesoro Enterprises, Inc. (OTC: TSNP) ("Tesoro", "Company") is pleased to announce that on August 6th, it signed a LOI with a regional wholesaler/retailer of residential and commercial building products. The LOI outlines the basic parameters of an agreement to execute a business combination. The agreement calls for a 45 day due diligence period. The LOI is not binding on either party. However, the parties have agreed to bargain in good faith with the objective creating a legally binding Purchase and Sale agreement to be executed within 5days of the end of the due diligence period.
Tesoro 's CEO, Henry Boucher stated that "while the parties to the LOI service similar customers, i.e. residential and commercial property owners, builders, contractors and remodelers, there is little overlap in their products. The parties' subsidiaries do not generally use or recommend each others' materials. However, the potential business combination will add significantly to the horizontal integration envisioned in the Company's strategy".
Safe harbor Statement
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.
Tesoro Enterprises, Inc.
426 Danbury Road
Wilton, CT 06897
SOURCE Tesoro Enterprises, Inc.