TORONTO, ONTARIO--(Marketwire - Nov. 19, 2012) - 360 VOX Corporation (TSX VENTURE:VOX) - 360 VOX Corporation is pleased to announce that Mr. Ross McCredie has been appointed to the Company's Board of Directors and has also been named the Company's Chief Operating Officer, effective November 15, 2012.
As a result of this appointment, the Company's Board membership will be increased to seven directors.
Mr. McCredie is the founder of Sotheby's International Realty Canada and Blueprint Global Marketing. Since acquiring the Canadian master franchise for Sotheby's International Realty, Mr. McCredie has grown Sotheby's International Realty Canada to over 20 offices and representing major developments throughout North America, the Caribbean, the Middle East and India.
Moving forward, Mr. McCredie will be responsible for the strategic direction and coordination of the Company's client service platforms.
"We welcome Ross to our Board and are confident that his proven experience and skills will strengthen our commitment to the growth of the Company and driving value to our clients and our shareholders," said Mr. Ned Goodman, Chairman of the Board of Directors.
In addition, on November 15, 2012, the Company granted an aggregate of 6,250,000 stock options to certain of its directors, officers and employees, each of which entitles the holder thereof to acquire one Class A share of the Company at an exercise price of $0.20 for a period of 10 years from the date of grant.
The Company also granted to certain of its directors, officers and employees:
- Subject to certain performance criteria, an aggregate of up to 17,250,000 options, each of which entitles the holder thereof to acquire one Class A share of the Company at an exercise price of $0.20 for a period of 10 years from the date of grant, to become exercisable contingent upon the Company obtaining shareholder approval of an increase in the number of Class A shares of the Company that may be issued under the Company's security based compensation arrangements in accordance with TSX Venture Exchange requirements; and
- an aggregate of 4,300,000 restricted and/or deferred stock units, each of which shall represent the right to receive cash and/ or Class A shares of the Company (at the option of the Company) equal to the market price of one Class A share at the time of settlement, contingent upon (i) approval by the Company's Board of Directors of the final form of long term incentive plan (the "LTIP") setting out the terms and conditions applicable to such restricted and/or deferred stock units, (ii) approval of the LTIP by the TSX Venture Exchange, and (iii) approval by the shareholders of the Company of the LTIP in accordance with TSX Venture Exchange requirements.
On November 15, 2012, the closing price of the Class A common shares of the Company on the TSX Venture Exchange was $0.12.
On Behalf of the Board of Directors
Robin Conners, President and CEO
About 360 VOX Corporation
360 VOX is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". 360 VOX manages and develops international hotel, resort, residential and commercial real estate projects through its wholly-owned subsidiaries, 360 VOX Asset Management Inc., 360 VOX Developments Inc., and in Cuba through its wholly-owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A. 360 VOX is also engaged in the sales and marketing of real estate through Sotheby's International Realty Canada and Blueprint Global Marketing.
For further information on 360 VOX please visit our website at www.360vox.com and www.sothebysrealty.ca. 360 VOX's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).
Forward Looking Information
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. Forward-looking statements include statements with respect to, closing of the transaction, the number of shares that will be outstanding following closing and the contracts and guarantees to be entered into on closing and are based on assumptions that management believe are reasonable. These statements are not guarantees of future results and are subject to numerous risks and uncertainties that the conditions to closing may not be satisfied or that the transaction may not close for other reasons. 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 360 VOX to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.