360 VOX Agrees to Provide Financing to Dalmi's Adriatic Coast Resort Developments in Croatia

TORONTO, ONTARIO--(Marketwire - Oct. 26, 2011) - 360 VOX Corporation (TSX VENTURE:VOX) – 360 VOX Corporation ("360 VOX") is pleased to announce that it has agreed to provide financing to Dalmi d.o.o.'s (Croatia) Adriatic Coast resort developments pursuant to loan agreements entered into between 360 VOX's wholly-owned subsidiary and First Bay Resort Limited (Malta) and Clearpoint Resort Limited (Malta) (together the Resort Companies).

Dalmi d.o.o. (Dalmi), as the manager of First Bay Resort Limited and Clearpoint Resort Limited, is developing both a master-planned hotel, marina and recreational residential development on over 247,000 m² in Primosten, Croatia, near Split; and a master-planned hotel, marina and recreational residential development on over 100,000 m² in Cavtat, Croatia, near Dubrovnik. The Resort Companies have identified and acquired certain lands and will use the proceeds from the loan for working capital purposes to move their plans forward and meet ongoing project capital requirements.

"360 VOX is pleased to announce our relationship with Dalmi in participating in the planning and execution of these recreational communities. Croatia offers unique historical, cultural and natural assets in one of the fastest growing markets in Europe. Croatia's possible future entry into the European Union points to a broader opening of these destinations. We look forward to expanding our base of operations in Europe and in pursuing the successful development of these marina village communities on the Adriatic Coast", said Mr. Robin Conners, President and CEO of 360 VOX.

"We look forward to working with the 360 VOX team in realizing our Croatian developments. These are large scale development projects that will provide important infrastructure that Croatia requires to build a sustainable tourism industry for its future growth. These fully integrated recreational projects have an estimated $1.0 billion value at full build-out. 360 VOX brings expertise, the ability to execute and best-in-class operating experience. We are delighted to have concluded this agreement with 360 VOX based on our shared vision for these resort developments", said Mr. Srecko Bobeta, President of Dalmi.

Pursuant to the terms of the loan agreements, 360 VOX has agreed to lend the Canadian dollar equivalent of €465,960 at Canadian prime plus 4% to the Resort Companies subject to satisfaction of customary funding conditions. The loans are secured by Dalmi with a pledge of its assets and limited recourse guarantees from the shareholders of Dalmi, who have pledged their shares.

In connection with entering into the loan agreements, the Resort Companies and their subsidiaries, and Dalmi and its shareholders, have agreed to provide 360 VOX access to information on the Resort Companies and their subsidiaries, assets and business and to exclusivity covenants in favour of 360 VOX, including covenants not to solicit or provide information to any other person and to terminate any ongoing discussions with respect to any possible acquisition or strategic partnership involving the Resort Companies or their subsidiaries. The loan agreements include customary covenants and representations and warranties on the part of the Resort Companies.

The loans together with interest are repayable 90 days following notice from 360 VOX to the relevant borrower that it has determined not to proceed with any further investment in the Resort Companies and may be repaid in full or in part at any time by the borrower. Outstanding amounts on the loans will be converted into equity in the Resort Companies in the event 360 VOX makes any further investment in the Resort Companies, on such terms as may be agreed between 360 VOX and the Resort Companies in connection with any such investment. The loans are also repayable upon an event of default, which includes a cross default clause.

The full text of the Loan Agreements will be available on SEDAR at www.sedar.com and may be obtained upon request to 360 VOX.

On Behalf of the Board of Directors

Robin Conners, President and CEO

About 360 VOX Corporation

360 VOX Corporation (or the Company) is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". The Company is engaged in the business of developing international hotel, resort, residential and commercial properties through its wholly-owned subsidiary, 360 VOX Inc., and in Cuba through its wholly owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A., an agency of the Cuban government.

For further information on the Company please visit our website at www.leisurecanada.com and www.360vox.com. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. In particular, forward-looking statements include statements respecting Croatia's entry into the European Union, the Company's future intention to invest in the Resort Companies, the successful development of Dalmi's Adriatic Coast projects and the estimated build-out value of the projects, and are based on assumptions that management believe are reasonable, including the proposed number of lodging properties and amenity packages which form part of these fully integrated recreational projects to be built as per the masterplans submitted by Dalmi, using estimated construction and investment costs and sales revenue based on current market trends. These statements are not guarantees of future results and are subject to numerous risks and uncertainties, including the Company's completion of due diligence and decision on whether to proceed with the projects; and the availability of capital to finance growth of the projects; adverse factors generally encountered in the resort industry; the risks associated with world events, including war, terrorism, international conflicts, natural disasters and extreme weather conditions; general economic conditions, supply and demand changes for resort properties; competitive conditions in the resort industry; changes to permitting and entitlements; changes to the resort industry and government regulation and currency fluctuations. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.