Long Island City-based Urbani Holdings, importer and distributor of specialty and gourmet food items in the US, has signed a Letter of Intent (LOI) to acquire Brooklyn, NY-based Mr. Mushroom Inc, a provider of specialty mushrooms. Mr. Mushroom generated over US$5m in FY 2001, and will bring Urbani's pro forma revenues to over US$22m in the current fiscal year. The agreement, which is expected to close by the end of July 2002, is subject to certain conditions, including the completion of due diligence.