Virtual Universe Corporation
TSX VENTURE : VU

April 23, 2013 16:38 ET

Virtual Universe Corporation Announces Closing of Its Going Private Transaction

EDMONTON, ALBERTA--(Marketwired - April 23, 2013) - Virtual Universe Corporation (the "Corporation") (TSX VENTURE:VU) is pleased to announce that it has closed its previously announced amalgamation by way of arrangement ("Arrangement") on April 18, 2013, whereby all of the common shares of the Corporation not owned by Lorn Becker, the President and Chief Executive Officer of the Corporation, and a company controlled by Mr. Becker, have been exchanged for redeemable shares in Amalco and immediately redeemed for $0.02 per share. Mr. Becker and the company controlled by him are the sole remaining shareholders of Amalco which will continue under the name Virtual Universe Corporation. The former directors of the Corporation have resigned and Mr. Becker is the sole director and officer of the amalgamated entity.

The Corporation has received confirmation from the TSX Venture Exchange that effective at the close of business Wednesday, April 24, 2013, the Common Shares of the Corporation will be delisted from the Exchange. The Corporation will concurrently make an application to the Canadian securities regulatory authorities for an order that the Corporation will no longer be a reporting issuer (or equivalent) under applicable Canadian securities laws.

Further details regarding the Arrangement are set out in the Corporation's notice of special meeting and information circular dated February 4, 2013, which is available on the Corporation's SEDAR profile at www.sedar.com.

Advisories:

Certain information in this press release is "forward-looking information" within the meaning of applicable Canadian Securities legislation and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. This information generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. The Corporation can give no assurance that such forward-looking information will prove to have been correct.

The reader is cautioned not to place undue reliance on this forward-looking information, which speaks only as of the date of this press release.

The Corporation disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, further events or otherwise, except as required by applicable law.

Neither the 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 news release.

Contact Information

  • Virtual Universe Corporation
    Mr. Lorn Becker
    President and CEO
    (780) 469-7477