LAS VEGAS, July 17, 2012 (GLOBE NEWSWIRE) -- On July 13, 2012, AirScooter Corporation (the "Company") (OTC:ASCO) entered into a Merger Agreement with Las Vegas-based Design Technology Holding, LLC ("DTH") doing business through its wholly-owned subsidiaries as Bettie Page Clothing ("BPC"). BPC is a specialty retailer with eight boutiques in four states, an active e-commerce business (www.bettiepageclothing.com) and a wholesale division selling to independent boutiques in the United States and 27 other countries.
The contemplated merger will take the form of a "reverse merger" in which DTH Subsidiary, LLC, a Nevada limited liability company that is a wholly-owned subsidiary of the Company, will be merged into DTH, which will then be a wholly-owned subsidiary of the Company. The current owners of DTH will receive shares of common stock of the Company and will then own approximately 84% of the outstanding capital stock of the Company. The Merger is intended to qualify as a non-taxable contribution of DTH's assets and liabilities to the Company in exchange for stock.
Completion of the Merger is subject to the satisfaction of certain conditions including approval of the Company's stockholders at a Special Meeting scheduled for August 7, 2012. The Merger shall become effective at the time that DTH and the Company's subsidiary file Articles of Merger with the Secretary of State of the State of Nevada and other regulatory matters are completed.
If and when the Merger with DTH is completed, of which there can be no assurance, the Company will be renamed Tatyana Designs, Inc. and trade post 1 for 15 reverse stock split under a new stock symbol not yet designated.
A copy of the Merger Agreement will be included in the Proxy Statement for the Special Meeting of the Company's stockholders expected to be mailed on or about July 18, 2012 to stockholders of record as of June 29, 2012. The Proxy Statement will also be posted online at the time of mailing at www.transferonline.com/airscooter.
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 BPC. 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.