Universal Ventures Inc.
TSX VENTURE : UN

November 06, 2015 14:23 ET

Universal Ventures Inc. Announces Termination of TIB Property Option

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 6, 2015) - Universal Ventures Inc. (the "Company") (TSX VENTURE:UN) announces that the option agreement for the TIB Property dated March 8, 2011, as amended February 22, 2012 and April 6, 2015 with Barry J. Price and William A. Howell has lapsed.

The Company continues to pursue its proposed acquisition of Promitheas International Ltd., a privately-held construction company focussed on securing construction contracts for projects in Qatar and throughout the Gulf Cooperation Council (the "Proposed Transaction"). Completion of the Proposed Transaction is subject to a number of conditions precedent, including TSX Venture Exchange acceptance and shareholder approval, the completion of satisfactory due diligence by the Company, and the parties negotiating and entering into a definitive agreement. The Company's intention is to continue to have its common shares subject to a trading halt as it pursues the Proposed Transaction.

ON BEHALF OF THE BOARD OF DIRECTORS

Charalambos (Harry) Katevatis, President & Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Service 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
    (604) 601-2008