LAS VEGAS, June 14, 2012 (GLOBE NEWSWIRE) -- AirScooter Corporation (OTC:ASCO) announced today the signing of a Letter of Intent to enter into a merger with Nevada-based Bettie Page Clothing, a specialty retailer providing a modern take on 50's style with designs inspired by iconic pin up star Bettie Page.
Bettie Page Clothing ("BPC") is a dba for several limited liability entities. In addition to a growing online store and wholesale business to independent boutiques around the world, BPC owns two boutiques in Las Vegas and one each in San Diego, Hollywood, San Francisco, Minneapolis, Santa Barbara and Salt Lake City. Principals Jan Glaser and Russian-born designer Tatyana Khomyakova have created a fashion phenomenon rekindling a golden age in fashion for the modern woman. The company's story was featured in 2011 on MSNBC's American Business: http://www.openforum.com/videos/american-business-betting-on-bettie.
BPC had unaudited revenues of over $8 million in calendar 2011. The company opened two new boutiques in 2012 (Santa Barbara and Salt Lake City) and is targeting additional locations.
The Letter of Intent outlines the agreement by AirScooter Corporation to settle outstanding obligations prior to closing, dispose of current business and complete a 1 for 15 reverse stock split. AirScooter expects to have approximately 24,900,000 shares outstanding prior to the reverse split or a maximum of 1,660,000 shares after the reverse split but prior to shares to be issued for working capital financing. The Letter of Intent outlines the plan to issue 10 million post reverse split common shares to merge with the BPC business in a tax-free transaction. The agreement contemplates that the transaction will take the form of a "reverse merger" with the owners of BPC controlling more than 84% of outstanding common stock post closing.
The Letter of Intent is non-binding, and completion of the transaction will be subject to a number of conditions precedent, including satisfactory completion of due diligence, completion and execution of definitive documentation, and the approval of AirScooter Corporation's stockholders. There can be no assurance that all conditions will be satisfied or that if satisfied, the transaction will close.
About AirScooter Corporation: AirScooter is a public company with its shares of common stock trading in the OTC market and quoted on the OTC Link trading system under the symbol ASCO.
The AirScooter Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2588
About Bettie Page Clothing: Based in Las Vegas, Nevada, Bettie Page Clothing is a growing retailer specializing in contemporary designs inspired by the 50's and the iconic Bettie Page. The merchandise is a diverse mix of high-quality and attractively priced apparel, jewelry, accessories and gifts. Bettie Page collections target the 18-35 year-old, fashion conscious, female customer, but women of all ages are attracted to the unique retro look. New product styles are presented monthly. For more information on the company please visit the Web site at www.bettiepageclothing.com.
Trademark Information: Bettie Page is a trademark registered to Mark A. Roesler, dba Bettie Page LLC (www.BettiePage.com) and licensed for use by Bettie Page Clothing. All other trade names are either trademarks or registered trademarks of their respective holders.
Cautionary note on forward-looking statements:
This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release may constitute forward-looking statements relating to future transactions, performance and developments that may affect future results and the future viability of the company. Actual results could be affected or differ materially from those projected in the forward-looking statements as a result of risks and uncertainties, including satisfaction of conditions precedent, and other factors identified and discussed in the Company's most recent public corporate documents. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from the Company's current expectations.