Salt Lake City-based Source Energy Corp. has entered into a non-binding agreement to acquire Vista.com Inc., a Washington-based small-business Internet services company.
The agreement states that Source Energy and Vista will negotiate the terms of a definitive acquisition agreement. Pending approval of that agreement by shareholders and boards of directors, Source said in a statement it will acquire Vista in a one-for-one stock swap and assume Vista's outstanding options, warrants and convertible securities. Vista has about 10.5 million outstanding stock shares and 2.8 million options, warrants and convertible securities.
Vista would pay a fee of 500,000 stock shares and $300,000 to Source Energy's president, Craig Carpenter, as consideration for the payment and indemnification of all liabilities of Source Energy arising prior to the closing. Upon completion of the merger, Vista will operate as a wholly owned subsidiary of Source Energy. The new company will be led by the management team and board of directors from Vista.