According to a release, under the terms of the Agreement, Intek shareholders will receive newly issued shares of remanufactured toner cartridge manufacturer Lexon and own 80 percent of the combined entity. Intek noted its management team will assume operating and managerial control upon completion of the reverse merger. The Letter of Intent is non-binding and final completion of the reverse merger will be subject to due diligence and shareholder and board approval.

 

James Park, CEO of Lexon Technologies, said, "We are truly excited about the synergies that both companies share with each other. With combined revenues of over $30,000,000 for the past fiscal year 2009 and strong growth projections for 2010, we now have the platform and momentum to be a viable middle market company. The main stimulus for this reverse merger was the tremendous growth potential of the GoECOlife brand and the strong demand for the products associated with this brand. We are also inherit the proven sales experience and existing business relationships of INTEK to sell our toner products to their existing big box retailers as well as through their entire sales network."