Essential Reality (ER) said Wed. it had ‘executed a letter of int...
Essential Reality (ER) said Wed. it had “executed a letter of intent” to merge with AllianceCorner Distributors. ER, which manufactures the P5 tracking peripheral for gaming and other applications, described Alliance as a wholesaler distributor of videogames, game hardware…
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and accessories. It said “Alliance is able to supply products in a timely, cost-effective manner from its warehouse in the Bronx, N.Y., and from its showroom/daily shipping facility located in College Point, N.Y.” ER, based in Mineola, N.Y., said its letter of intent “sets forth the preliminary terms and conditions of a proposed merger transaction… As proposed, the shareholders of Alliance would exchange their shares of capital stock in Alliance for shares of common stock of Essential. Upon the closing of the merger, as currently contemplated, the shareholders of Alliance will own… approximately 80%” of Essential.