Salt Lake-based Source Energy Corp. and Washington-based Vista.com Inc. said Monday they will merge.
Pending approval by the shareholders of Vista, Source Energy will acquire all of the issued and outstanding shares of Vista in a stock-for-stock transaction. The agreement calls for the exchange of all outstanding shares of Vista common stock for nearly 16 million shares of Source Energy common stock, or approximately 97.5 percent of Source Energy's post-merger outstanding common stock.
Source Energy will also assume all of Vista's outstanding options, warrants and convertible promissory notes.
The combined company will be led by the former executive management team and board of directors of Vista and will focus on offering integrated Internet technology solutions to small businesses.
Source Energy is involved in oil and gas exploration and production. Vista offers technology services and products.