Vector Resources Inc.

September 10, 2013 13:08 ET

Vector and Oriana Extend Deadline for Completion of Qualifying Transaction

TORONTO, ONTARIO--(Marketwired - Sept. 10, 2013) -


Vector Resources Inc. ("Vector") (TSX VENTURE:VCR.P) announces that, further to its press releases of November 13, 2012, January 15, 2013, March 26, 2013 and June 11, 2013, Vector and Oriana Technologies Inc. ("Oriana") and Select-TV Solutions Inc. ("Select-TV") have entered into an agreement to extend the deadline for the completion of Vector's acquisition of Select-TV pursuant to the letter of intent dated November 12, 2012 between Vector and Oriana (the "LOI").

Pursuant to the LOI (as amended), Vector proposes to acquire Select-TV which, at the time of acquisition, shall be the parent corporation of Oriana Technologies, Inc. (Florida) ("Oriana USA"), itself, the parent corporation of Oriana, the operating company (the "Transaction"). The Transaction, as a consequence of the extension, is now required to close by November 30, 2013.

Additionally, pursuant to the LOI (as amended), Vector and Select-TV have agreed upon completion of the Transaction, that the Vector and Select-TV boards will be comprised of five members as follows: two members shall be nominated from the current board of directors of Select-TV; one member will be nominated by the directors of Select-TV and approved by the current board of Vector; one member shall be nominated from the current board of directors of Vector; and one member shall be nominated as an independent director. Vector and Select-TV have also agreed upon completion of the Transaction that the initial President and Chief Executive Officer of Vector and Select-TV will be Geoffrey P. Mott.

If completed, the Transaction will serve as Vector's qualifying transaction pursuant to the policies of the TSX Venture Exchange.

Darryl Levitt, President & Chief Executive Officer


Forward-Looking Statements

This press release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this press release includes but is not limited to the Transaction, as well as the deadline for completion thereof. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the parties' failure to complete the Transaction as currently proposed or at all. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as 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.

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