Tenguy World International, Inc. (TGWI) Announces the Signing of a Letter of Intent Regarding a Change of Control and Merger wi

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  Published in Science and Technology on Thursday, July 29th 2010 at 18:20 GMT by Market Wire
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Tenguy World International, Inc. (TGWI) Announces the Signing of a Letter of Intent Regarding... -- TOKYO, July 29 /PRNewswire-FirstCall/ --

Tenguy World International, Inc. (Pink Sheets: TGWI) (a Colorado corporation) and Eyis Co., Ltd. (a Japanese corporation) have signed a Letter of Intent Regarding a Change of Control and Merger

TOKYO, July 29 /PRNewswire-FirstCall/ -- Tenguy World International, Inc. (Pink Sheets: TGWI) (a Colorado corporation) and Eyis Co., Ltd. (a Japanese corporation) have signed a Letter of Intent with respect to the principal terms and conditions under which Tenguy World International, Inc. will acquire 100 percent of the outstanding capital stock of Eyis Co., Ltd. This transaction will take place as the result of the acquisition of a majority control position of Tenguy World International, Inc. by Mr. Hiroyasu Kikuchi. Subject to shareholder approval, the merger is expected to be finalized on or about the close of business, August 30, 2010. In accordance with the terms of the share exchange agreement, the company will change its name to Eyis International, Inc., and the company will immediately apply for a new CUSIP number and trading symbol to reflect the name change.

Based in Tokyo, Japan, Eyis Co., Ltd., is a software developer which provides wireless applications  primarily for the NTT Docomo mobile phone market.

In accordance with the terms of the LOI, all current officers and directors of the company will resign, and Hiroyasu Kikuchi will be appointed President and Director; Daisuke Katsura will serve as Treasurer, Secretary and Director; and Kazuo Aichi will serve as Director. The newly appointed officers will be hereby authorized, empowered and directed to authorize delivery of stock certificates issued in connection with the merger agreement.

The parties hereto acknowledge that this letter does not contain all particulars upon which the agreement will be reached in order for the acquisition to be consummated. Further, among other conditions specified herein or otherwise agreed to by the parties, the obligations of all parties are subject to further negotiations.

Forward-Looking Statements: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ from expectations reflected in those statements. The company undertakes no obligation to publicly alter or revise projections to reflect actual events or circumstances that may arise after date of publication.

SOURCE Tenguy World International, Inc.