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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.
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 back to full operating status by
June 30, 2013 and is excited for its future collaboration with DMC.
Steven Basloe, President of Pazoo, Inc., stated, "As devastating as Hurricane Sandy was, we understand it was out of the control of DMC and that DMC could not prevent such an act of nature. We are very excited that we are extending the LOI with DMC and are confident that will bounce back from this natural disaster better than ever. We know the vast potential of DMC and are delighted to potentially do a deal with DMC. We know DMC will add tremendous value to our company and we are excited to move forward with them."
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