February 20, 2013 20:37 ET
TORONTO, ONTARIO--(Marketwire - Feb. 20, 2013) - ACADEMY EXPLORATIONS LIMITED ("Academy" or the "Company") is issuing a correction to its press release "OSC Approves Release of Academy's Shares from Escrow" dated February 19, 2013. In accordance with the Ontario Security Commission's approval of the release of the escrowed securities set out in the February 19, 2013 press release, the escrowed securities will be released from escrow on April 26, 2013.
Academy is presently not trading on any exchange and does not currently carry on any active business. Management's strategy is to stay liquid while searching for an appropriate opportunity with a private corporation that is looking to expand its operations by acquiring control of, or investment capital from, a publicly owned company such as Academy. Management has decided to invest in public and private mutual funds without jeopardizing liquidity with the potential to earn greater income albeit with higher risk than investing solely in guaranteed investment certificates Academy has looked at some prospective deals. In all cases the private corporation was not yet mature enough or the amount to be invested was too great relative to our capital resources. By mature, the Company means their length of time in business was greater than two years, their latest annual gross revenue was greater than one million dollars, and latest annual net profit was greater than 5%.
All shareholders have the ability to receive a hard copy of the Escrow Agreement and the Commission's approval free of charge upon request. Should you wish to receive these documents, in hard copy, or for further information, please contact the Paul Appleby, CFO of the Company at 416-530-0070, or e-mail firstname.lastname@example.org.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of Academy. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. Academy does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Academy Explorations LimitedPaul ApplebyCFO416-530-0070416-533-0007 (FAX)email@example.com
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