letter of intent

Our company announced the opening of new supervisory and managerial positions for a wholly owned newly created subsidiary company. If we, the employees of the parent company, are interested to these positions, we need to submit a letter of intent. I am inclined to submit a letter of intent since it would mean a growth in my career, but my reservations are:
1. exact description of these positions were not specified, they only stated that these positions are supervisory and managerial;
2. the compensation and benefits package for these positions are still unclear.
If after submitting a letter of intent and the management of the subsidiary company accepted and offered me a position, do I still have the right to refuse the offer and continue my employment with the parent company? Or does my letter of intent is deemed to be an application to the subsidiary company and a resignation at the same time from the parent company?

it is deemed an application for the new position, but definitely it cannot be construed as a resignation of the old one.

I would like to reiterate my query. If after submitting a letter of intent and the management of the subsidiary company accepted and offered me a position, do I still have the right to refuse the offer and continue my employment with the parent company?

i believe so, but the better move is to clarify this with your management so that there is no surprise.