I've followed this company (as a joke) for a while, here's my thoughts:
Most likely everything will stay the same after the acquisition. However, that's IF there is an acquisition, lets remember this is only a letter of intent. I don't know where Viva is going to find the money to pull of this acquisition. They have next to no cash on hand, and given the fly by night operation of the company (Do an archive search for Viva, some of their past PRs are quite funny.) I don't think they'd get very favorable terms on any debt.
Given the history of the company to announce intent of operations (RE: at one time they were going to acquire a Falcon 727, then a 737-300, then a L-1011, then a DC-9) and never have ANY of it come to pass, I'll believe this when I see it.
You don't need a passport to know what state you're in...