InfoSpi, Inc. Enters Into Letter of Intent With NexPhase Lighting, Inc.
Marketwire “Press Releases”
MIAMI, FL — (MARKET WIRE) — 01/24/11 — InfoSpi, Inc. (PINKSHEETS: ISPI), (the “Company”), announced today that it had entered into a Letter of Intent for a proposed transaction wherein the Company will acquire all of the issued and outstanding shares of NexPhase Lighting Inc. , a privately held Florida corporation (“NexPhase”), in exchange for the issuance of a certain number of shares of common stock of the Company. NexPhase is in the business of designing, developing and manufacturing high quality LED intelligent lighting fixtures.
In accordance with the terms of the Letter of Intent, the Company and NexPhase will enter into a definitive agreement subject to the successful completion of due diligence and negotiation of the terms of a definitive agreement and related other agreements in a form acceptable to each. At this date, the structure of the transaction between the two companies remains in negotiation, and is expected to be completed within thirty days. In the event a definitive agreement has not been executed by the Company and NexPhase by February 21, 2011 , the Letter of Intent may be terminated.
“I am very excited about the business combination of InfoSpi and NexPhase,” said InfoSpi President and CEO, Dror Svorai . “We have been working toward this goal for some time. Before investing in InfoSpi , I had been heavily involved in the LED Lighting Industry. The NexPhase team is comprised of a highly innovative group of talented business, operational and design leaders who have been in the lighting and LED business for well over twenty-five years. Before we formed the company it was instantly clear to all of us that there was a opportunity to create a U.S. based designer, developer and manufacturer of intelligent LED lighting fixtures to take advantage of the coming market for energy efficient LED lighting .We became excited by the idea of forming a company to take a leadership position during this incredible period of change which has embraced the lighting industry, so we teamed up and founded NexPhase early last year. Today, NexPhase is emerging from its first cycle of product development with significant, and we think, ‘very exciting,’ intellectual property for its marketplace that will further drive down America’s energy costs for lighting systems.” Dror concluded, “For our shareholders, we are extremely confident that NexPhase products will generate an outstanding revenue stream within a relatively short period of time.”