NEW YORK, Sept. 19, 2012 /PRNewswire/ — Lone Oak Acquisition Corp., a special purpose acquisition company (OTC Bulletin Board: LOKKF) (the “Company”), announced today that it has signed a non-binding letter of intent to negotiate and execute a definitive agreement to complete a business combination. Under the terms of the letter of intent, the parties have agreed to negotiate in good faith to execute a definitive merger agreement by October 31, 2012, and to close the transaction within 90 days following the date on which the agreement is executed. The Company now has until March 24, 2013 to consummate a business combination. If the Company does not consummate a business combination on or before March 24, 2013, it will distribute the proceeds held in trust to its shareholders.

Safe Harbor

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading “Forward Looking Statements” and those factors captioned as “Risk Factors” in the Company’s periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by the Company.

The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.

SOURCE Lone Oak Acquisition Corporation