This Letter of Intent involves
Title: Pazoo, Inc. Extends Letter of Intent with DMC Athletics and Rehabilitation
Industry: Retail (Catalog and Mail Order) Sector: Services
Pazoo, Inc. Extends Letter of Intent with DMC Athletics and Rehabilitation
CEDAR KNOLLS, N.J., Feb. 6, 2013 /PRNewswire/ -- Pazoo, Inc., (OTCQB: PZOO) (German WKN#: A1J3DK) is announcing that it will extend its binding letter of intent for the acquisition of New Jersey based DMC Athletics & Rehabilitation, Inc. (DMC) to June 30, 2013. DMC is a collection of Out Patient Orthopedic Physical Therapy and Personal Training Centers in Morris County, New Jersey.
On Tuesday October 2, 2012 Pazoo executed a binding letter of intent for the acquisition of DMC. The letter of intent was to expire forty-five days after execution if a definitive agreement was not signed. DMC was significantly impacted from Hurricane Sandy at the end of October, as were many businesses in New Jersey and the surrounding areas. Hurricane Sandy resulted in over a week's worth of lost business, damage to equipment, and a total financial loss of well over six figures.
Pazoo understands that natural disasters such has Hurricane Sandy cannot always be anticipated and therefore will extend their letter of intent with DMC until June 30, 2013 so that DMC can be given substantial time to fully recoup its losses and bring its physical therapy and personal training business back to operating at 100%.
As previously stated in the October 4, 2012 press release, Pazoo will exchange a $1.5 million 2 year balloon note at 3% interest with DMC's owners for the acquisition and a possible earn out over the next two years. DMC's Centers will become the Wellness centers for Pazoo and will act as a beta testing ground and laboratory for new products before release to market. Pazoo is anticipating that DMC will be