Fleetman Inc. has agreed to purchase Gascard Inc., bringing together two fleet management companies serving a total of 8,000 outlets in 46 states.

Under a letter of intent, Fleetman or a subsidiary of Fleetman, which is owned by the Reily Cos., would pay minority shareholders of Gascard, with about 18% of the fully diluted stock, 14.7 cents a share in cash, based upon a company valuation of $12 million.

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