RTS Oil LLP signed a non-binding letter of agreement to acquire Geo Point Technologies, Inc. (OTCBB:GNNC.D) in a reverse merger transaction on December 12, 2012. Geo Point Technologies issued 69.9 million shares for acquiring 100% stake in RTS Oil. Geo Point Technologies's Board of Directors adopted a resolution to change the name to RTS Oil Holdings, Inc. Rafael Gavrielov will operate as Chief Executive Officer, and Chairman of the Board of Directors; Ashot Sarkisian, Gafur Kassymov, Grigory Veksler, and Jeffrey R. Brimhall as Directors; and Jeffrey T. Jensen as Vice President and Secretary.

The transaction is subject to normal and customary due diligence and the completion of an audit of RTS that complies with GAAP. The transaction is expected to be completed during the first quarter of 2013, depending upon the completion of the respective parties' due diligence of each other, the timing of the RTS audit, regulatory approvals, approval by the Board and shareholders of Geo Point, waiver of pre emptive rights, execution of employment agreements and the negotiation and execution of a definitive agreement.