Next Fuel, Inc. (OTCPK:NXFI) signed a letter of intent to acquire the assets of Elite Construction and Fabrication, LLC for $5.5 million on August 30, 2013. As per the term sheet, the purchase price includes a combination of cash in the amount of $3 million, an earn-out five year promissory note for up to $1.25 million with annual instalment payments subject to the future performance of the business being acquired, a number of shares of Next Fuel common stock having a market value at the closing of $1.25 million and a five-year warrant to acquire 1 million additional shares of Next Fuel common stock with an exercise price equal to the market value of Next Fuel's common stock at the closing. Next Fuel will seek to borrow or raise equity capital to finance both the cash portion of the purchase price and expenses associated with integrating this acquisition into Next Fuel's current business. For the year ended December 31, 2012 Elite reported revenues of over $40 million. The transaction is subject to completing due diligence, closing conditions and is non-binding except for confidentiality and no-shop provisions. The transaction is expected to be completed during the calendar year 2013. J H Darbie & Co. Inc. acted as a financial advisor to Next Fuel, Inc.

Next Fuel, Inc. (OTCPK:NXFI) cancelled the acquisition of the assets of Elite Construction and Fabrication, LLC on November 15, 2013. Next Fuel was not able to raise the capital required to complete the transaction.