This is Pete Moore at Integrity Square. I am back to report that we have received five letters of intent or lois from strategic parties and a couple of private equity funds that want to buy the business in a range of 50 to 60 million dollars in enterprise value. We are now going to have a call or a meeting with our client to review the pros and cons of strengths and weaknesses of the
five different letters of intent. At this point, we'll probably spend a week trying to fine tune or optimize the letters of intent by redlining those back to the potential buyer to get the best terms on a non binding letter of intent for them to buy the 20 clubs under code name Project Willow. Now, the selection process here is important because we have to go down to one buyer. We're going to have to tell four other buyers that they are not welcomed into the final round. Groups will then
potentially try and increase or enhance their bid. Or they might walk away and say, hey, we like this business at our price, but we're not moving and if you have to come back to us, we will be available and we're still interested in the business, but we won't pay more for it. Once we go down the line with one buyer, the important thing that happens is, is something called exclusivity.
If I am a buyer of a business, I don't want to put resources and cash that I'm going to have to spend on the due diligence and a confirmatory review of all of the company's files and all their legal, all their permits, all their hr, everything I need to know to be sure that I want to buy this business. I need to know that you're not talking to any other buyers. Right, Because I'm spending money, you have to give me that exclusivity in exchange.
So we're going into an exclusivity which could be 60 to 90 days with buyer called Ganlon Group. Oh, I made a cut.