Marketvision Direct, Inc.
TSX VENTURE : MKT

January 10, 2011 11:12 ET

Marketvision Announces Completion of $500,000 Private Placement and Changes to Board of Directors

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2011) - Marketvision Direct, Inc. (TSX VENTURE:MKT) (the "Company" or "Marketvision") is pleased to announce that further to its press release of December 21, 2010, it has completed a non-brokered private placement of 6,250,000 units ("Units") at a price of $0.08 per Unit for gross proceeds of Cdn.$500,000 (the "Offering"). Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one common share of Marketvision for a period of 24 months, at an exercise price of $0.12 per share. The Offering was fully subscribed by Mr. Dennis A. Sharp, P. Eng. and Glenburn Farms Limited, a company controlled by Mr. D. Campbell Deacon.

The common shares and warrants carry a four-month hold period under Canadian securities laws from the date of issuance.

Proceeds from the Offering will be used to review potential acquisition opportunities of heavy oil properties in Albania, through the Company's wholly owned Albanian subsidiary APIC Petroleum Corp., and for general corporate purposes.

The Company also wishes to announce that Mr. Dennis Sharp has been appointed as Chief Executive Officer (CEO) and Chairman of the Board of Directors of the Company and Mr. Deacon has been appointed as a director of the Company. Mr. Thomas Vukovich, the former CEO, will remain with the Company and will continue to serve as a director. In order to accommodate the changes to the Board of Directors, Mr. Peter Kent and Mr. Sean Morris have stepped down as directors of the Company.

"On behalf of the Board of Directors, I wish to thank Peter Kent and Sean Morris for their dedication and service to the Company and wish them well in their future endeavors", commented Thomas Vukovich, Director. He continued: "I am delighted to welcome Dennis Sharp and Campbell Deacon to the Company. Their expertise and experience in the capital markets and in developing oil and gas projects will be instrumental in furthering the development and growth of the Company. Looking forward, we will continue to strengthen our management team and add new skills as the Company works to acquire oil concessions in Albania."

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. All dollars in this release are in Canadian funds.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements regarding the ability of the Company to successfully acquire oil and gas concessions in Albania are forward-looking statements that involve various risks and uncertainties. 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. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include the inability of the Company to close the Offering due to the state of the capital markets and other risk factors as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.

NEITHER 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.

Contact Information

  • Marketvision Direct, Inc.
    Thomas Vukovich
    President and Chief Executive Officer
    (416) 367-0150
    (416) 367-0165 (FAX)
    or
    Marketvision Direct, Inc.
    John Clark
    Chief Financial Officer
    (416) 367-0150
    (416) 367-0165 (FAX)