RENO, Nev., Aug. 22, 2014 /PRNewswire/ -- Thermal Tennis, Inc. ("Thermal Tennis") (OTC: TTNS), a Nevada corporation that focuses on the development of tennis management and training programs announced today that it has entered into an agreement and plan of merger (the "Merger Agreement") with CannaSys, Inc. ("CannaSys"), a Colorado corporation that provides innovative marketing solutions for the growing medical and recreational cannabis industry. Under the terms of the Merger Agreement, a wholly owned subsidiary of Thermal Tennis merged with and into CannaSys which then became a wholly owned subsidiary of Thermal Tennis. All of CannaSys's outstanding common stock was converted into shares of common stock of Thermal Tennis. On the closing of the Merger, the shareholders of Thermal Tennis retained an aggregate of 4,398,088 shares or 42.3% of Thermal Tennis's common stock, and the CannaSys's shareholders acquired 6,000,000 shares or 57.7% of the common stock for a total of 10,398,088 shares of common stock issued and outstanding.
"We are pleased to enter into a merger agreement with CannaSys," said Bob Deller, former CEO of Thermal Tennis. "This is a thrilling step forward and a unique opportunity for our company to be involved in the exciting growing cannabis industry."
"Our team is beyond excited in finding such a great partnership as we did with Thermal Tennis," said Brandon Jennewine, CannaSys's CEO. "Based on our team's knowledge of the cannabis industry and the opportunities we see, we believe this to be a unique and exciting offering for our shareholders and for the industry in general. We look forward to working hard to bring a fresh and innovative set of products to the market."
Effective as of the closing of the Merger, Brandon Jennewine joined Thermal Tennis incumbent director Robert Deller to form a two-person company board. Subject to compliance with the 10-day advance stockholder notice requirements of Rule 14f-1 under the Exchange Act, Robert Deller will resign as a director and officer of the Company, and Daniel J. Rogers will be appointed to fill the resulting vacancy. At the closing of the Merger transaction, Thermal Tennis appointed Mr. Jennewine as its CEO and president and Mr. Rogers as its CFO, Vice President, Secretary and Treasurer. In addition, Thermal Tennis agreed to change its name to CannaSys, Inc., subject to the filing and dissemination of an information statement meeting the requirements off the Exchange Act. Following the name change, the company will apply for a new CUSIP number and trading symbol.
About Thermal Tennis
Thermal Tennis focuses on the development of tennis management and training programs, the sale of tennis equipment, and the provision of general services related to tennis in the United States. Thermal Tennis' emphasis has been on the private club and high school market with a specific focus on developing tennis players from the ground up and reaching out to the public, from elementary, middle, and high school through summer tennis programs at the local high schools. Thermal Tennis programs such as 10 and Under Tennis™, Cardio Tennis™, and USTA Team Tennis™ are supported by the United States Tennis Association. The Company was founded in 1999 and is based in Reno, Nevada.
CannaSys creates, develops and commercializes innovative technology to solve problems, create opportunities and streamline the connections between producer, seller, and consumer patient segments in the cannabis industry. To date, CannaSys has developed two products and is working toward industry adoption and monetizing of its current offerings, CannaCash and CannaTrade. CannaCash is an affiliate-based membership rewards loyalty program and CannaTrade is a market-style wholesale cannabis matching service, initially being released in the state of Colorado. In addition to releasing and monetizing its current products, CannaSys plans to develop, acquire and build partnerships in order to bring innovative software solutions to market in both established and developing medical and recreational cannabis states.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Daniel J. Rogers, CFO
7951 E. Maplewood Ave., Suite 328
Greenwood Village, CO 80111
SOURCE CannaSys, Inc.