Native American Pride Constructors, LLC signed a Letter of Intent to acquire Treasure & Shipwreck Recovery, Inc. (OTCPK:BLIS) in a reverse merger transaction on February 28, 2024. Native American Pride Constructors, LLC signed a definitive agreement to acquire Treasure & Shipwreck Recovery, Inc. (OTCPK:BLIS) in a reverse merger transaction on March 27, 2024. BLIS will file for a name change, symbol change and request to conduct a reverse split at a rate of 1 new share for every 6 shares held in BLIS (1 for 6).

It is estimated that BLIS shareholders will hold 15 million shares post-split and NAPC officers and directors will be issued about 35 million shares. Following the split, NAPC will have about 50 million common shares issued and outstanding, little to no debt, some above market warrants, and a preferred voting share issuance that is non-convertible. The face value of all BLIS debt will be converted at a common share price pre-split price of $0.03 per share (post-split price of $0.18 per share).

Noteholders will be provided a warrant to purchase additional shares at pre-split price of $0.04 per share (post-split price of $0.24 per share) in lieu of interest payments. Assets sales from BLIS will be used to pay any merger, accounting, or additional costs to complete the merger in an effort to keep NAPC debt free. BLIS /TSR has officially turned over control of the entity to NAPC, and existing officers and directors at BLIS /TSR have resigned.