Capital Solutions I Executes Letter of Intent to Acquire Victory Petroleum.CORAL GABLES Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. , Fla. -- Capital Solutions I, Inc., a Florida corporation ("Capital Solutions" or the "company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSON CSON Connell School of Nursing (Boston College) ), announced the execution of a letter of intent to acquire Victory Petroleum, Inc., a Florida corporation and 27 affiliated entities (collectively, "Victory") on June 15, 2005. Capital Solutions, Victory, the Affiliates and certain principals thereof have entered into a non-binding agreement regarding the acquisition of Victory and have agreed to negotiate the terms of a definitive Purchase Agreement. If an acceptable definitive agreement can be negotiated, it is anticipated that such an agreement may be executed by July 15, 2005. Subject to the satisfaction of all conditions precedent contained in the Purchase Agreement(s), Capital Solutions will acquire ownership of twenty seven (27) parcels of real property and buildings and improvements thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that , and existing lease agreements associated therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. , and Victory Petroleum, Inc., constituting its petroleum distributorship business. The aggregate purchase price for the transaction shall be approximately forty six million dollars ($46,000,000.00), subject to numerous adjustments. The transaction will be subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other customary closing conditions. There is no assurance this transaction will be completed. About Capital Solutions Until recently, the company has been relatively dormant Latent; inactive; silent. That which is dormant is not used, asserted, or enforced. A dormant partner is a member of a partnership who has a financial interest yet is silent, in that he or she takes no control over the business. in search of a merger partner. On May 26, 2005, the company acquired Bedrock Bedrock - A C++ class library for Macintosh user interface portability. Holdings, Inc., whose principals are experienced in the areas of capital investments and markets. About Victory Victory has been in the business of distributing gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by for Exxon petroleum for five (5) years and more recently for Chevron and Texaco, in the South Florida area. Victory supplies fifty (50) gas stations and last year the Company distributed approximately fifty million (50,000,000) gallons of gasoline. This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully market the company's products and technology, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to achieve commercial acceptance of the company's products and technology, the inability to compete effectively in the marketplace, the inability to improve or implement effective systems, procedures and controls, the strength of the company's intellectual property and those of the company's competitors, the inability to protect the company's intellectual property, the inability to attract, train and retain key personnel, the inability to complete the merger with Vista.com Inc. and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. |
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