Universal Infrastructure Corp.
TSX VENTURE : UIC.P

Global Alternative Investments Inc.
TSX VENTURE : GLI.P

July 17, 2009 18:28 ET

Universal Infrastructure Corp. and Global Alternative Investments Inc. Announce Suspension From Trading Pending Completion of Qualifying Transaction With Ra Resources Ltd.

TORONTO, ONTARIO--(Marketwire - July 17, 2009) - Universal Infrastructure Corp. ("Universal") (TSX VENTURE:UIC.P) and Global Alternative Investments Inc. ("Global") (TSX VENTURE:GLI.P) (collectively, the "CPCs") announce that each has received notice from the TSX Venture Exchange (the "Exchange") that pending completion by the CPCs of their proposed qualifying transaction with Ra Resources Ltd. (the "Proposed Qualifying Transaction"), which transaction was previously announced by the CPCs on June 11, 2009 and June 22, 2009, trading in the common shares of each of the CPCs has been suspended for failure to complete a qualifying transaction within the timeframe prescribed by Exchange Policy 2.4 and that each of the CPCs has been placed on notice to delist.

To avoid delisting the CPCs must, prior to October 13, 2009, either complete a qualifying transaction or transfer to NEX (a separate trading board of the Exchange comprised of Exchange listed issuers that do not meet Tier 2 maintenance requirements, including capital pool companies that have not completed a qualifying transaction).

Subject to satisfaction or waiver of certain conditions precedent (which include, but are not limited to, completion of the parties' respective due diligence, approval of the Proposed Qualifying Transaction from the parties' respective shareholders and Exchange approval of the Proposed Qualifying Transaction), the CPCs anticipate the Proposed Qualifying Transaction will be completed prior to October 13, 2009 and that the CPCs shares will continue to be listed on the Exchange as contemplated by the Proposed Qualifying Transaction.

Completion of the Proposed Qualifying 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. The Proposed Qualifying Transaction cannot close until the required shareholder approvals are obtained. There can be no assurance that the Proposed Qualifying Transaction will be completed as proposed or at all.

This press release contains forward-looking information which is not comprised of historical facts, including those identified by the expressions "anticipate," "will" and similar expressions. The forward-looking information reflects Global and Universal's current expectations regarding future results or events. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this press release includes, but is not limited to, the CPCs' expectations respecting the completion of the Proposed Qualifying Transaction and the continued listing of the shares of each of the CPCs on the Exchange. Factors that could cause actual results or events to differ materially from those described in such forward-looking information include, but are not limited to, the parties to the Proposed Qualifying Transaction respective and/or collective ability to satisfy all applicable regulatory requirements, including the parties' ability to obtain the requisite approval of the Proposed Qualifying Transaction from their respective shareholders and from the Exchange, the results of any of the parties due diligence being unsatisfactory to such party, and those other risks set out in the respective public documents of each of the CPCs and Ra Resources Ltd. which are filed on SEDAR. Although the CPCs believe that the assumptions and factors used in preparing the forward-looking information are reasonable, readers are cautioned not to place undue reliance on such forward-looking information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Each of the CPCs disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Universal Infrastructure Corp.
    and Global Alternative Investments Inc.
    Paolo De Luca
    Chief Financial Officer
    416.214.5985