MIAMI LAKES & BOYNTON BEACH, Fla. -- NAS Acquisition Inc. has announced that it has signed a letter of intent with On the Move Corp. to enter into a share exchange and plan of reorganization that will result in On the Move shareholders owning 98% of the outstanding shares of common stock and all shares of the preferred stock of the reorganized company.
On the Move was founded in 2014 to engage in the acquisition of convenience stores in the state of Florida under the On the Move retail brand. It currently owns and operates five retail outlets in Lake, Orange and Palm Beach counties in Florida. Its stores offer a selection of food, including national chains such as Dunkin Donuts, Subway, Godfathers Pizza, sandwiches; beverage and tobacco products; health and beauty aids; automotive products; and other nonfood items. In addition, it is involved in the retail sale of gasoline or gasohol on a self-service basis.
Boynton Beach, Fla.-based On the Move said it intends to acquire additional convenience stores in Florida because it believes the state offers the greatest opportunity for growth and expansion over the next 20 years.
Miami Lakes, Fla.-based NAS is a publicly reporting company incorporated in Nevada in 2014; it is seeking to acquire business opportunities with new entities and will use the public marketplace to raise additional capital to expand into new products or markets, to develop new products or services or for other corporate purposes. It will not restrict its search to any specific business, industry or geographical location.
The transaction is subject to the execution of definitive documents, an effective registration statement with the U.S. Securities & Exchange Commission (SEC) and the reconfirmation of investors in the company's offering and approval of the company's shareholders.
The company expects the transaction to close in early 2015, and it anticipates initiating the steps to commence public trading of its common stock.
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