WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Saguaro Holdings Corp.’s (OTCPK: SGUJ) wholly owned subsidiary, Saguaro Oil & Gas Recovery, Inc. (SOGR) is pleased to announce that they have agreed to terms for the acquisition of Tri-Eye Design Limited (TEDL) of Edmonton, Alberta for 1,500,000 shares of preferred stock. The preferred shares will be priced at $6.45 a share and will be convertible into common shares based upon standard terms and conditions to be mutually agreed upon.
Under the terms of the Letter of Intent, the companies will commence a due diligence phase for the next 45 days and closing is scheduled for August 31, 2012. SGUJ will also commence filing its annual and quarterly financial statements with OTC Markets during this period. Upon closing, Tri-Eye Design will move its U.S operations to SOGR’s Texas location to ramp up its oil and gas technology.
About Tri Eye Design, Inc.:
Tri Eye Design, Inc. is an engineering design firm that focuses on technology for bio-enhanced living platforms that allow quick detection and repair of oil and gas pipelines along with biologically accelerated cleanup of land and water based oil spills. TEDL’s team of engineers have developed a living oil prevention, skimming and absorption recovery technology which quickly and naturally helps in the cleanup of oil spills in environmentally sensitive areas on land and in fresh and salt water. It is the company’s intent to complete its strategic partnerships and commercialize its technology in the coming months.
For further information please go to www.trieyedesign.com
About Saguaro Oil & Gas Recovery, Inc.:
Saguaro Oil & Gas Recovery, Inc., is engaged in the business of oil and gas recovery, remediation and treatment. Its employs an evolving patented technology that is nearing the final stages of R&D and that the Company believes to be a cost efficient solution for the task of reducing certain value diminishing contaminates in natural gas streams. SOGR’s mission is, and always has been, to promote the idea of increasing the quality and value of the Earth’s natural resources by providing innovative solutions to the oil and gas industry.
For further information please go to www.saguaroholdings.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements made in this release that relate to future plans, events, financial results or performance are forward looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are based upon current information and expectations. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties. Investors should also be aware that while the Company from time to time does communicate with securities analysts, it is against the Company’s policy to disclose to them any material non public information or other confidential commercial information. Investors should not assume that the Company agrees with any report issued by any analyst or with any statements, projections, forecasts or opinions contained in any such report.