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Tempco, Inc. Announces Non-Binding Letter of Intent With The Program, LLC

^{Published on 2010-05-25 12:20:29 - Market Wire}
 

SCOTTSDALE, AZ--(Marketwire - May 25, 2010) - Tempco, Inc. (Tempco) (OTCBB: [ TEMO ]) and The Program, LLC (Program), a privately held Arizona based company, have announced their entry into a non-binding Letter of Intent outlining the formation of a proposed business combination between them. Tempco is a registered "shell company," whose only business activity is to seek a combination with an operating company. Program operates in the Payment Card Industry as an Independent Sales Organization (ISO), marketing and selling payment card processing and complimentary services to small and medium sized merchants.

The parties stated that the consummation of this transaction remains dependent on and subject to the satisfactory results of mutual due diligence efforts, agreement on specific terms, and the ability of the combined companies to obtain sufficient funding from investors; and there can be no assurance of favorable results from these activities.

The tentative understandings, subject to final negotiations, are that upon the consummation of the transaction present Tempco shareholders will own approximately 15% of the resulting enterprise with the remaining ownership allocated among new investors and the present owners of Program. If the transaction is consummated, the present owners of Program will control Tempco.

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives. The forward-looking statements herein are based on current expectations that involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control of the company. Although the company believes that the assumptions underlying the forward-looking statements are reasonable, any one of the assumptions could be inaccurate and, therefore, can be no assurance that the forward-looking statements included in this release will prove to be accurate.