TORONTO, ONTARIO--(Marketwire - Nov. 13, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.
Vector Resources Inc. ("Vector") (TSX VENTURE:VCR.P) announced today that it has entered into a Letter of Intent, dated November 12, 2012, that serves as an agreement in principle concerning a proposed transaction (the "Transaction") between Vector and Oriana Technologies Inc. ("Oriana") and a wholly-owned subsidiary of Oriana to be created, which, subject to, among other things, completion of satisfactory due diligence and receipt of all necessary regulatory and exchange approvals, will, upon completion, qualify as Vector's Qualifying Transaction as defined in Policy 2.4 of the TSX Venture Exchange. ("Exchange"). Oriana is a corporation incorporated under the Canada Business Corporations Act that develops and markets interactive entertainment solutions based on an open standard platform which seamlessly connects to IPTV services and existing video entertainment in hotels, homes and other locations, providing movies, music and consumer applications. Vector expects to issue a comprehensive news release containing further information shortly.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in on way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Darryl Levitt, President & Chief Executive Officer
VECTOR RESOURCES INC.
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.