Tank Sports, Inc., a company originally incorporated under the laws of the State of California, has made an announcement that it has concluded a Letter of Intent to acquire People's Motorcycle International Company Limited (PMI), a company incorporated in the British Virgin Islands and having manufacturing facilities in Shanghai.
Tank Sports is planning to purchase 100% stock of PMI, by issuance of 4 million shares of Tank restricted common stock, and 1.5 million warrant coverage to the shareholders of the BVI company.
Tank Sports will begin custodial operation in PMI's Shanghai operation, and will start due diligent investigation concerning both legal issues and accounting. Both parties agree to initiate drafting a definitive stock purchase agreement after having finished the initial due diligence.
People's Motorcycle International was incorporated in the British Virgin Islands in June 2001, and is currently distributing products to six continents, including the establishment of a global Sales & Support Center located in Arizona, USA, in June 2002. PMI/Dazon also holds multiple design patents, both in the US and China. Mr. Thomas Chia, the founder and CEO of the BVI company, has indicated that the experience of their team in private companies will be a significant contribution to Tank's business plan of taking Tank Sports into major stock listing.
