Saguaro Oil & Gas Recovery Signs LOI with Tri-Eye Design
20 July 2012 - 9:09AM
Business Wire
Saguaro Holdings Corp.’s (OTCPK: SGUJ) wholly owned subsidiary,
Saguaro Oil & Gas Recovery, Inc. (SOGR) is pleased to announce
that they have agreed to terms for the acquisition of Tri-Eye
Design Limited (TEDL) of Edmonton, Alberta for 1,500,000 shares of
preferred stock. The preferred shares will be priced at $6.45 a
share and will be convertible into common shares based upon
standard terms and conditions to be mutually agreed upon.
Under the terms of the Letter of Intent, the companies will
commence a due diligence phase for the next 45 days and closing is
scheduled for August 31, 2012. SGUJ will also commence filing its
annual and quarterly financial statements with OTC Markets during
this period. Upon closing, Tri-Eye Design will move its U.S
operations to SOGR’s Texas location to ramp up its oil and gas
technology.
About Tri Eye Design, Inc.:
Tri Eye Design, Inc. is an engineering design firm that focuses
on technology for bio-enhanced living platforms that allow quick
detection and repair of oil and gas pipelines along with
biologically accelerated cleanup of land and water based oil
spills. TEDL’s team of engineers have developed a living oil
prevention, skimming and absorption recovery technology which
quickly and naturally helps in the cleanup of oil spills in
environmentally sensitive areas on land and in fresh and salt
water. It is the company’s intent to complete its strategic
partnerships and commercialize its technology in the coming
months.
For further information please go to www.trieyedesign.com
About Saguaro Oil & Gas Recovery, Inc.:
Saguaro Oil & Gas Recovery, Inc., is engaged in the business
of oil and gas recovery, remediation and treatment. Its employs an
evolving patented technology that is nearing the final stages of
R&D and that the Company believes to be a cost efficient
solution for the task of reducing certain value diminishing
contaminates in natural gas streams. SOGR’s mission is, and always
has been, to promote the idea of increasing the quality and value
of the Earth’s natural resources by providing innovative solutions
to the oil and gas industry.
For further information please go to www.saguaroholdings.com
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