VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2014) - Cairo Resources Inc. (TSX VENTURE:QAI.P) ("Cairo" or the "Company") announces that it continues to work toward completion of its previously announced qualifying transaction with Socialitize Limited. However given that the Company has exceeded its 24 month deadline to complete a QT, including extended deadlines, the TSX Venture Exchange ("TSXV") has required the Company to transfer its listing from the Tier 2 board of the TSXV to the NEX board.
At an annual and special meeting of its shareholders held on November 27, 2013, the Company received majority disinterested shareholder approval to transfer to the NEX board; and conditional upon listing on the NEX board, to cancel 1,000,001 common shares held in escrow. The Company has made application to the TSXV for transfer to NEX which has been accepted, and the TSXV has advised that it will be issuing a bulletin shortly after this news release is disseminated. The Company's trading symbol will change from "QAI.P" to "QAI.H". There will be no change to its CUSIP number. The Company's shares will remain suspended from trading pending completion of the qualifying transaction with Socialitize Limited, or a termination of the transaction subject to the satisfactory review by the TSXV of an application from the Company.
Kal Malhi, President, CEO and Director
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.
Statements in this press release relating to the completion of the proposed acquisition of Socialitize Limited, including completion of the concurrent financings, may be "forward-looking statements" or "forward-looking information" under applicable securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Cairo Resources Inc. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices; availability of capital and financing; general economic, market or business conditions; receipt of necessary minority shareholder approvals; receipt of and timeliness of government or regulatory approvals; regulatory changes; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.