Blue Vista Technologies Inc.

December 31, 2010 14:27 ET

Blue Vista Technologies Inc. Announces Results of Annual and Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2010) - Blue Vista Technologies Inc. (TSX VENTURE:BV.H) ("the Company") is pleased to announce that pursuant to its December 2, 2010 news release, all the resolutions proposed at the Annual and Special Meeting of Shareholders held on December 30, 2010 were duly passed. In particular, the Company has attained shareholder approval for the proposed private placement (the "Offering") of up to 10,000,000 units at a price of $0.10 per unit for total gross proceeds of up to $1,000,000.

Proceeds of the offering will be used for working capital, acquisitions, incurring Canada exploration expenditures (within the meaning of the Income Tax Act (Canada)), to settle debt with cash and bring the continuous disclosure record of the Company up to date.

In addition, the shareholders have approved the Company's proposal to settle (the "Debt Settlement") an aggregate of up to $1,100,000 of indebtedness through the issuance of up to 22,000,000 common shares of the Company. The debt settlement will substantially strengthen the Company's balance sheet.

The securities issued pursuant to the Offering and the Debt Settlement are subject to a four-month hold period. In addition, the Offering and the Debt Settlement are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the NEX.

The Company is investigating strategic alternatives, including the sale of its assets and possible acquisitions, which may, or may not, involve a change of business, in order to enhance shareholder value.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Shares Outstanding: 22,615,576 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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