Universal Ventures Inc.

September 30, 2016 19:02 ET

Termination of Acquisition Agreement to Acquire Promitheas Int'l Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 30, 2016) - Universal Ventures Inc. ("Universal") (TSX VENTURE:UN) announces that further to its news releases of July 16, 2015, November 6, 2015 and June 24, 2016, the acquisition agreement dated June 22, 2016 with Promitheas Int'l Ltd. ("Promitheas", a private United Kingdom company) and its shareholders pursuant to which Universal was to acquire all of the issued and outstanding shares of Promitheas (the "Proposed Transaction") has been terminated in accordance with its terms as the Proposed Transaction did not complete by September 30, 2016.

Universal also announces that it will not be proceeding with the private placement financing it was to undertake in connection with the Proposed Transaction.

As a result, Universal will seek out and evaluate new opportunities and will update shareholders of further prospects that may materialize. Universal will request that its common shares be reinstated for trading as soon as possible.

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

  • Universal Ventures Inc.
    Charalambos (Harry) Katevatis
    President and Chief Executive Officer
    (604) 642-6175