Key Link Assets Corp. Acquires Foothills Petroleum Inc.
DENVER, CO -- (Marketwired) -- 05/31/16 --
Key Link Assets Corp. (OTCQB: KYLK), a Delaware corporation ("KYLK"), announced today that it acquired, pursuant to a share exchange agreement (the "Acquisition Agreement"), Foothills Petroleum, Inc. ("Foothills"), a Nevada corporation that is an early stage, independent oil and gas exploration and production company engaged in the acquisition and development of oil and natural gas properties. Foothills is actively focused on acquiring producing and developmental properties in the Rockies and Mid-Continent. Foothills seeks to acquire distressed, dislocated and underdeveloped oil and gas assets and maximize those assets to create shareholder value. Foothills maintains its principal executive office in Denver, Colorado.
KYLK previously reported in its Form 8-K, filed with the Securities and Exchange Commission on May 6, 2016, that on May 2, 2016, Foothills had acquired an aggregate of more than 14.1 million shares, constituting approximately 96% of the outstanding shares of common stock of KYLK. On May 16, 2016, as previously reported in a Form 8-K filed with the SEC on May 19, 2016, KYLK effected a 4:1 stock split ("Stock Split") of its common stock. After giving effect to the Stock Split and the Acquisition Agreement the shareholders of Foothills will own over 6 million shares of KYLK amounting to approximately 72% of KYLK and all other shareholders as a group will own approximately 2.36 million shares, amounting to about 22% of KYLK. The foregoing percentages are based on approximately 8.364 million shares to be outstanding and do not give effect to the shares of KYLK previously acquired by Foothills, as those shares will be deemed to be canceled by KYLK. Following the Acquisition Agreement, the business and operations of KYLK will focus solely on the business and operations of Foothills.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities of KYLK in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Forward Looking Statements
This release contains forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the possibility that some or all of the matters and transactions considered by KYLK may not proceed as contemplated, and by all other matters specified in KYLK's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to substantial risk and uncertainty. KYLK does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in KYLK's filings with the Securities and Exchange Commission, including its most recent periodic reports.
Investor and Media Contact
Key Link Assets Corp.
Interim Chief Executive Officer
Source: Key Link Assets Corp.
Released May 30, 2016