CALGARY, Alberta, Oct. 17 /CNW/ -- Hola Communications, Inc. (the
"Company") (OTC Bulletin Board: HLAC) is pleased to announce that the Company
has entered into a letter of intent (the "LOI") with the stockholders (the
"Selling Stockholders") of 1132559 Alberta Ltd. ("Alberta Co"), pursuant to
which the Selling Stockholders have agreed to transfer to the Company all of
the issued and outstanding shares of Alberta Co held by them in consideration
of which the Company has agreed to, among other things: (i) issue 15,000,000
shares of the Company's common stock to the Selling Stockholders; (ii)
complete a 15:1 forward stock split, (iii) complete a financing of up to
$3,250,000, (iv) change the name of the Company to "Tamm Oil and Gas Corp.";
and (v) appoint two nominees of the Selling Stockholders to the board of the
The LOI is further subject to the principal stockholder of the Company
submitting 34,000,000 (post-split) shares for cancellation at closing. Closing
of the transactions contemplated in the LOI are subject to: the satisfactory
completion of the parties due diligence investigations, Alberta Co preparing
financial statements required under applicable securities laws, and the
parties entry into a definitive agreement containing customary terms and
representations for such agreements.
About 1132559 Alberta Ltd.
Alberta Co is a private company incorporated under the laws of Alberta.
Alberta Co holds a direct working interest of 10% in 63 sections of Oilsands
leases in an area known as Sawn Lake in Northern Alberta.
Forward Looking Statements
Forward-Looking Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Forward-looking statements are based on current facts and
analyses and other information that are based on forecasts of future results,
estimates of amounts not yet determined and assumptions of management. Forward
looking statements are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective", "prospective", and
similar expressions or that events or conditions "will", "would", "may",
"can", "could" or "should" occur. Information concerning oil or natural gas
reserve estimates may also be deemed to be forward looking statements, as it
constitutes a prediction of what might be found to be present when and if a
project is actually developed.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking statements.
Factors that could cause actual results to differ materially include
misinterpretation of data, inaccurate estimates of oil and natural gas
reserves, the uncertainty of the requirements demanded by environmental
agencies, the Company's ability to raise financing for operations, breach by
parties with whom we have contracted, inability to maintain qualified
employees or consultants because of compensation or other issues, competition
for equipment, inability to obtain drilling permits, potential delays or
obstacles in drilling operations and interpreting data, the likelihood that no
commercial quantities of oil or gas are found or recoverable, our successful
closing of the acquisition of Alberta Co, and our ability to participate in
the exploration of, and successful completion of development programs on the
wells in which Alberta Co has an interest. Additional information on risks for
the Company can be found in filings on Edgar of other junior oil and gas
exploration companies with the US Securities and Exchange Commission.
For further information:
For further information: investors, Sean Dickenson, President of Hola
Communications, Inc., +1-403-975-9399