CET Services and ZOI Interactive Technologies Sign Definitive Merger Agreements
Tuesday February 20, 12:27 pm ET
CENTENNIAL, Colo., Feb. 20 /PRNewswire-FirstCall/ -- CET Services, Inc. (Amex: ENV - News) today announced it has entered into a definitive agreement to merge with ZOI Interactive Technologies, Inc. ("ZOI") of Nashville, TN.
Steven Davis, CEO of CET, stated, "We believe this transaction has tremendous potential to add long-term value to our shareholders. We look forward to working closely with ZOI to complete the merger as soon as practicable." In connection with the merger, CET expects to phase out its historical property development activities over a yet undetermined period of time.
"We believe this merger will benefit both ZOI's and CET's shareholders," noted ZOI CEO Michael Calderone. "Access to an AMEX-listed entity represents an ideal vehicle to showcase the value of ZOI and to enhance long-term growth potential for CET shareholders. We firmly believe this is a win-win for everyone involved."
Under the terms of the merger agreement, a newly-formed subsidiary of CET will merge into ZOI, ZOI will become a wholly-owned subsidiary of CET, and the shareholders of ZOI will receive shares of CET common stock in exchange for their ZOI shares. The merger agreement further provides that CET will issue to the shareholders of ZOI a total of approximately 34,899,000 shares of CET common stock and will assume all of ZOI's outstanding options, warrants and convertible debt, which convertible securities will become exercisable for CET common stock. The closing of the transaction contemplated by the merger agreement is subject to the satisfaction of customary conditions, including approval by the shareholders of both companies and regulatory approval. Absent unforeseen delays, the transaction is expected to close in the next three months.
About ZOI Interactive Technologies, Inc.
Headquartered in Nashville, Tennessee, ZOI is a development-stage company that designs and implements interactive, web-based content, supported by advertising and end-user revenues. ZOI's patent-pending R.E.A.C.T. platform provides a venue for advertisers to engage active internet users over long periods of time through various applications including interactive games and lifestyle enhancement programs. R.E.A.C.T. helps advertisers offset the declining impact of traditional advertising media by developing enhanced relationships with a wide range of potential customers in a highly-controlled and traceable environment. Additional information about ZOI and its products is available online at: www.zoitec.com. |
