Tesoro Enterprises, Inc. Issues Update to August 10, 2015 Press Release Concerning a Letter of Intent for a Potential Business Combination

WILTON, Connecticut, September 30, 2015

Tesoro Enterprises, Inc. (OTC:TSNP) ("Tesoro", "Company") issued the following up date to its August 10, 2015 announcement concerning the non binding LOI between the Company and a potential business combination prospect.  

The Company has reached a tentative agreement with the potential business combination partner and the parties have entered into negotiations on a Definitive Purchase and Sale Agreement.  The parties have mutually agreed to extend the time frame, contained in the LOI, for completing the Purchase and Sale Agreement for 15 business days from September 30, 2015.  

While there are still several business related issues remaining to negotiate, anyone of which could cause the transaction to be terminated, the parties are optimistic that the issues can be resolved.  

Tesoro's CEO, Henry Boucher, stated that "While there are still several business related issues remaining to negotiate, anyone of which could cause the transaction to be terminated, the parties are optimistic that the issues can be resolved".  He added that completing this transaction is a high priority for the Company, as it will have a significant impact on our businesses in both the short and long run.

Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.

Contact Information:
Tesoro Enterprises, Inc.
426 Danbury Road
Wilton, CT 06897
Phone +1-203/763-1169