AirScooter Announces Letter of Intent for Proposed Merger With Bettie Page
Clothing
Specialty Retailer Operates Eight Boutiques, a Webstore and a Wholesale Division
LAS VEGAS, Jun 14, 2012 (GlobeNewswire via COMTEX) -- AirScooter Corporation
(ASCO) announced today the signing of a Letter of Intent to enter into a merger
with Nevada-based Bettie Page Clothing, a specialty retailer providing a modern
take on 50's style with designs inspired by iconic pin up star Bettie Page.
Bettie Page Clothing ("BPC") is a dba for several limited liability entities. In
addition to a growing online store and wholesale business to independent
boutiques around the world, BPC owns two boutiques in Las Vegas and one each in
San Diego, Hollywood, San Francisco, Minneapolis, Santa Barbara and Salt Lake
City. Principals Jan Glaser and Russian-born designer Tatyana Khomyakova have
created a fashion phenomenon rekindling a golden age in fashion for the modern
woman. The company's story was featured in 2011 on MSNBC's American Business:
openforum.com.
BPC had unaudited revenues of over $8 million in calendar 2011. The company
opened two new boutiques in 2012 (Santa Barbara and Salt Lake City) and is
targeting additional locations.
The Letter of Intent outlines the agreement by AirScooter Corporation to settle
outstanding obligations prior to closing, dispose of current business and
complete a 1 for 15 reverse stock split. AirScooter expects to have approximately
24,900,000 shares outstanding prior to the reverse split or a maximum of
1,660,000 shares after the reverse split but prior to shares to be issued for
working capital financing. The Letter of Intent outlines the plan to issue 10
million post reverse split common shares to merge with the BPC business in a
tax-free transaction. The agreement contemplates that the transaction will take
the form of a "reverse merger" with the owners of BPC controlling more than 84%
of outstanding common stock post closing.
The Letter of Intent is non-binding, and completion of the transaction will be
subject to a number of conditions precedent, including satisfactory completion of
due diligence, completion and execution of definitive documentation, and the
approval of AirScooter Corporation's stockholders. There can be no assurance that
all conditions will be satisfied or that if satisfied, the transaction will
close.
About AirScooter Corporation: AirScooter is a public company with its shares of
common stock trading in the OTC market and quoted on the OTC Link trading system
under the symbol ASCO.
The AirScooter Corporation logo is available at
globenewswire.com
About Bettie Page Clothing: Based in Las Vegas, Nevada, Bettie Page Clothing is a
growing retailer specializing in contemporary designs inspired by the 50's and
the iconic Bettie Page. The merchandise is a diverse mix of high-quality and
attractively priced apparel, jewelry, accessories and gifts. Bettie Page
collections target the 18-35 year-old, fashion conscious, female customer, but
women of all ages are attracted to the unique retro look. New product styles are
presented monthly. For more information on the company please visit the Web site
at bettiepageclothing.com.
Trademark Information: Bettie Page is a trademark registered to Mark A. Roesler,
dba Bettie Page LLC |
