TC X Calibur Inc., based in Salt Lake City, has executed a letter of intent to acquire EV Rental LLC, a California company.

The deal is for 18.45 million post-dividend shares of common stock of TC X Calibur that are considered restricted securities. The deal is contingent on a bridge loan of about $1.45 million by EV Rental.

EV Rental and EV Rental Cars LLC rent hybrid electric and low-emissions vehicles to the public. It currently operates at seven airports.