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TPI International, Inc. (TPIL) Announces the Signing of a Letter of Intent Regarding a Merger with Loopwing Co., Ltd.

^{Published on 2010-11-23 18:20:26 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--TPI International, Inc. (Pink Sheets: TPIL), a Delaware corporation, and Loopwing Co., Ltd. (aLoopwinga), a Japanese corporation, have signed a Letter of Intent with respect to the principal terms and conditions under which TPI International, Inc. will acquire one hundred percent (100%) of the outstanding capital stock of Loopwing in exchange for sixty percent (60%) of the total issued and outstanding common stock of TPI International, Inc. Subject to shareholder approval, the merger is expected to be finalized on or about the close of business, December 15, 2010. In accordance with the terms of the letter of intent, the company will change its name to Loopwing International, Inc., and the company will immediately apply for a new CUSIP number and trading symbol to reflect the name change.

Based in Tokyo, Japan, Loopwing is engaged in the development, production and distribution of renewable green energy solutions including wind, ocean and hydro power systems. Loopwing's innovative line of wind power systems feature a looped turbine which offers numerous advantages over conventional wind turbines such as high power output at low rpm and low maintenance with a high duty cycle. For more information visit: [ http://www.loopwing.co.jp ]

In accordance with the terms of the LOI, all current officers and directors of the company will resign, and Minoru Yoshida will be appointed CEO, President and Director and Teruo Watanabe will be appointed CFO and Director.

The parties hereto acknowledge that this letter does not contain all particulars upon which the agreement will be reached in order for the acquisition to be consummated. Further, among other conditions specified herein or otherwise agreed to by the parties, the obligations of all parties are subject to further negotiations.

Forward-Looking Statements: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ from expectations reflected in those statements. The company undertakes no obligation to publicly alter or revise projections to reflect actual events or circumstances that may arise after date of publication.