By GlobeNewswire, March 06, 2013, 10:35:00 AM EDT
LAKEWOOD, Colo., March 6, 2013 (GLOBE NEWSWIRE) -- GoldSpan Resources, Inc. (OTCBB:GSPN) has signed a Letter of Intent (LOI) that allows it the option to acquire an 80% equity interest in Equipment and Truck Inc. (ETI), a heavy equipment and truck sales and rental company based in Loveland, Colorado. Terms of the LOI will be disclosed in future SEC filings.
Phillip Allen, President of GoldSpan Resources, stated, "We view this acquisition as a fantastic opportunity to help us execute our business plan. We expect this purchase to be the first in a line of strategic alliances on the horizon for GoldSpan with our new management team in place."
ETI is a ten year old, privately held company that has maintained profitability and growth during the difficult times of the fiscal meltdown. ETI plans to utilize GoldSpan's assistance to acquire access to additional credit lines to grow the business and expand into the used parts arena. According to Ron Ruby, President and CEO of ETI, "I look forward to the opportunity with Goldspan to be able to grow both the rental, sales and the parts side of the fast growing used equipment market. These emerging markets will increase profitability as well as make us a leader in our client source for their equipment needs. With ETI already having mining clients and knowing the mining equipment space very well, there appears to be good synergies that will allow for each company to benefit and grow." The goal is to complete the terms of the acquisition by the end of 2013.
About GoldSpan Resources, Inc: GoldSpan Resources, Inc. ( GSPN ) is a junior mining and development company targeting the acquisition of domestic gold or silver properties that can be brought into production over the near-term. Having just filed its financials after a long period of inactivity, the Company is fully reporting, current and trading on the OTC Bulletin Board under the symbol GSPN.
Forward looking statement: No stock exchange or Securities Commission has approved nor disapproved the statements in this release. Any statements that are not strictly historical are "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to a number of risks and uncertainties that may affect actual events or results materially. These include, but are not limited to the Company's ability to obtain adequate financing to further its current and future business strategies; the Company's historical lack of profitability; the effects of business and economic conditions generally; and, other risks associated with a development stage company. All such forward-looking
statements, whether written or oral and whether made by or on behalf of the Company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Phillip L. Allen
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Source: GoldSpan Resources, Inc