TORONTO, ONTARIO--(Marketwire - Feb. 7, 2013) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.
Vector Resources Inc. ("Vector") (TSX VENTURE:VCR.P) announces that it proposes to advance CDN$50,000 to Oriana Technologies Inc. ("Oriana") as a secured interest-bearing loan (the "Loan"). Further to Vector's press releases of November 13, 2012 and January 15, 2013, Vector and Oriana have entered into an agreement in principle pursuant to which Vector proposes to acquire Select-TV Solutions Inc. ("Select-TV") who, 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"). If completed, the Transaction will serve as Vector's qualifying transaction pursuant to the policies of the TSX Venture Exchange (the "Exchange").
The Loan will be secured by Oriana's assets pursuant to a general security agreement (the "GSA"). The Loan is expected to be used to fund equipment purchases and installation services for the deployment of the Select-TV IPTV Set-top-box solution for hotel customers in the United States and Canada.
It is intended that the CDN$25,000 previously loaned by Vector to Oriana on an unsecured basis will now be secured pursuant to GSA. For further information please see Vector's January 15, 2013 press release.
Darryl Levitt, President & Chief Executive Officer
VECTOR RESOURCES INC.
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 Loan, as well as the anticipated terms thereof and use of proceeds therefrom. 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 Loan as currently proposed or at all and Oriana's use of the Loan for purposes other than as specified herein. 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.