IRVINE, CA -- Probe Manufacturing has signed a letter of intent to swap millions of shares of its stock with S-Ray in a deal that includes a manufacturing agreement. 

Under terms of the agreement, the EMS company will issue Reno, NV-based S-Ray 75 million shares of restricted common stock in exchange for 1 million shares of S-Ray restricted common stock.

The deal is subject to customary closing conditions including shareholder approval and due diligence and is expected to close by Dec. 20.

In conjunction with the agreement, S-Ray will sign a manufacturing and distribution rights agreement with Probe for its ClearScan LAB product. The distribution rights agreement would be for a minimum of 3 years and a maximum of 5 years; with Probe gaining the right to sell or assign the distribution rights agreement to another suitable manufacturing partner.

S-Ray will also contribute toward the purchase of new equipment to help Probe to build the ClearView LAB product, a desktop dental impression scanner. 

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