4D Virtual Space
CNSX : ABJ

4D Virtual Space

November 06, 2015 11:26 ET

4D Virtual Space Terminates Hearst WestZen Claim Option and Joint Venture With Xment Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 6, 2015) - 4D Virtual Space ("4DVS" or the Company") (CSE:ABJ) announces that it has terminated its Hearst WestZen claim option and Joint Venture with Xmet Inc.

As a result of unfavourable geophysical survey results, the Hearst WestZen claim option was returned to the original claimholders on October 15, 2015. The return of these claims alleviated the obligations of Alibaba Graphite Corp., a wholly owned subsidiary of the Company, to undertake $42,000 in assessment work, issue 100,000 of the Company's Common Shares to the original claimholders, pay $10,000 to the original claimholders and pay management fees to hold the property for another year. The return of Alibaba Graphite Corp.'s pro-rated interest in the Hearst WestZen Property has resulted in a reduction of 53% of its previous land holdings. As a result of the return of the Hearst WestZen Property back to the original claimholders, no further agreement exists between the Company and the claimholders. In addition, the joint venture agreement with Xmet Inc. for these claims has been mutually terminated.

The release of these potential financial obligations allow 4DVS to focus more of its time and financial resources on closing the acquisition of Polymath Labs, an innovative real estate software application.

Further Information

Further information about 4DVS is available under its profile on the SEDAR website www.sedar.com and on the CSE website www.thecse.com.

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of 4DVS. Forward-looking information is based on certain key expectations and assumptions made by the management of 4DVS. Although 4DVS believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because 4DVS can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. 4DVS disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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