El Apparel announces definitive acquisition agreement
05 Jun '06
1 min read
El Apparel Inc announced that it has signed a definitive acquisition agreement and acquires 100 percent of the outstanding shares of NutriOne Inc.
According to the definitive acquisition agreement, ELAP will undertake a reverse stock split of 1 for 1,000 and will issue a total of 50,000,000 restricted common shares post reverse split to the shareholders of NutriOne Inc and ELAP will change its name to NutriOne Inc.
The transaction will result in the company to have a total of approximately 75,000,000 shares issued and outstanding.
The companies expect to close on the definitive acquisition agreement on or before June 19th 2006.
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