American Recreational Enterprises Inc. announced it has executed a non-binding letter of intent to acquire NoBidding Inc., a New Jersey corporation. NoBidding, Inc. is the sole owner of BidVille, an online auction Web site.
The transaction calls for the new issuance of 20,000,000 shares of American Recreational Enterprises's restricted common stock to the shareholders of NoBidding pro-rata in exchange for all of the issued and outstanding stock of NoBidding. The effect of the transaction is to make NoBidding a wholly-owned subsidiary of the company. As part of its plans, American Recreational Enterprises will immediately cease the operations of its current subsidiary, Lenders/Investors, Inc.
BidVille was founded in 1999 as an online auction alternative to eBay and is headquartered in Clearwater, Florida.
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