Bear Lake Recreation, Inc. announced the execution of a Letter of Intent to acquire Vault Technologies, Inc., an Alberta technology corporation utilizing software and hardware solutions to optimize the value of parking assets for its customers and maintain auditable records for compliance purposes.
The closing is subject to the execution and delivery of a definitive agreement and various other conditions, including but not limited to the raising of minimum gross proceeds of $2,000,000 by Vault Technologies prior to closing and the effectiveness of a 1 for 3.5 share reverse split by Bear Lake Recreation. No assurance can be given that this acquisition will be completed.
About Vault Technologies, Inc.
Vault Technologies, Inc. engages in the design, manufacture, marketing, implementation, and servicing of enterprisewide information parking solutions for parking facility owners, operators, and managers in the following industries: commercial real estate, universities & colleges, hospitals, municipalities, train stations & airports, and hotels. The Company optimizes the value of parking assets for its customers and keeps them in compliance via the Vault Management Suite (VMS), a comprehensive turn-key parking solution consisting of software, parking terminals & equipment, planning and implementation services, integration services, and after sales support and maintenance. Sales and services for the Vault solution are made available through direct sales and independent dealers/distributors throughout the United States, Canada, and Mexico. Incorporated in 2002, Vault Technologies is headquartered in Dallas, Texas.