2014-04-01 21:17:49 -
Toronto, Ontario CANADA, April 01, 2014 /FSC/ - Vector Resources Inc. (VCR.P - TSX Venture), ("Vector" or the "Corporation"), a capital pool company, is pleased to announce that it has been reimbursed for the cash advanced that it had made to Oriana Technologies Inc. ("Oriana") in the amount of $25,000 in November 2012 ("Note A") and $50,000 in February 2013 ("Note B") plus the accrued interest of $5,506.85 on Note B.
Having collected on Note A and Note B, Vector has released its rights under the General Security Agreement and Hypothec ("GSA") in accordance with the Termination and Forbearance Agreement dated March 31, 2014 between the Corporation, Oriana and Select-TV Solutions Inc. ("STVS").
With the terms of the Receipt, Release
and Waiver signed by the Corporation, Oriana and STVS, the parties further acknowledge and confirm that the remaining terms and conditions of the Forbearance Agreement concerning the additional promissory note of a face value of $150,000 ("New Note") shall remain in full force until this New Note has been settled as contemplated by the said Forbearance Agreement.
About the Corporation
The Corporation is a capital pool company. Since its incorporation, other than its initial public offering under the CPC Policy in November 2011 and the transactions in relation thereto, the Corporation has not commenced commercial operations and currently has no assets other than cash and promissory notes receivable, and liabilities.
Certain statements in this document constitute "forward-looking statements" within the meaning of various security legislation inclusive of but not limited to the United States Private Securities Litigation Reform Act of 1995 and/or "forward-looking information" under the Securities Act (Ontario). These statements include, without limitation, statements regarding the status of development or expenditures relating to our business, plans to fund our current activities, statements concerning our partnering activities, exploration regulatory submissions, strategy, future operations, future financial position, future revenues and projected costs. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimated", "predicts", "potential", "continue", "intends", "could", or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of these forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, securing and maintaining corporate alliances, the need for additional capital and the effect of capital market conditions and other factors, including the current status of our programs, on capital availability, the potential dilutive effects of any financing, the timing of our programs to explore, develop and commercialize our products, the timing and costs of obtaining regulatory approvals, our estimates regarding our capital requirements and future revenues, the timing and amount of investment tax credits, and other risks detailed from time to time in our public disclosure documents or other filings with the securities commissions or other securities regulatory bodies in Canada and the U.S as well as abroad. Additional risks and uncertainties relating to the Corporation and our business can be found in the "Risk Factors" section of our Prospectus dated September 28, 2011, as well as in our other public filings. The forward-looking statements are made as of the date hereof, and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors are cautioned that, except as disclosed in the management information circular or filing statement as filed from time to time to be prepared in connection with Transaction(s) involving the Corporation, any information released or received with respect to the Transaction(s) involving the Corporation may not be accurate or complete and should not be relied upon. Trading in the securities of the Corporation should be considered highly speculative.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This Press Release is not for dissemination within the United States.
For more information, please contact:
Vector Resources Inc.
T: (416) 826-3495
To view the press release as a PDF, please click on the following link:
Source: Vector Resources Inc. (TSX-V: VCR.P)
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