Tempco Merger With Program Under A Cloud

Tempco says its merger with Program, LLC, of Mesa, Arizona, has materially changed. Tempco and Program were in talks and conducting due diligence activities for a proposed merger

They issued a non-binding Letter of Intent May 25, 2010. The proposed merger was subject to satisfactory due diligence results, availability of financing and mutual agreement to the terms of a definitive binding agreement.

A third party approached Program with a financing proposal that was more beneficial to Program and its owners than the proposed merger with Tempco.

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