Virtutone Networks Inc.
TSX VENTURE : VFX

December 01, 2010 18:43 ET

Virtutone Networks Inc. Announces the Resignation of Shawn Lawrence

FORT SASKATCHEWAN, ALBERTA--(Marketwire - Dec. 1, 2010) -

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Virtutone Networks Inc. (the "Corporation") (TSX VENTURE:VFX) wishes to announce the resignation of its Chief Technology Officer, Shawn Lawrence, effective January 31, 2011.

As per the terms of the Performance Escrow Agreement dated June 30, 2008 between Virtutone Networks Inc. (formerly Sawhill Capital Ltd.) and Shawn Lawrence, Mr. Lawrence will forfeit three million (3,000,000) common shares, which have been held by the Corporation's Transfer Agent. The Transfer Agent will forward the shares to the Corporation for cancellation on the effective date of Mr. Lawrence's resignation.

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the number of common shares to be sold, the price per share and the expected closing date. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, risks that the Private Placement will not be completed or if completed not on the same terms as disclosed above. The statements in this news release are made as of the date of this release. We undertake no obligation to update such forward-looking information except as required by applicable securities laws.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Virtutone Networks Inc.
    Jason Allen
    President and Chief Executive Officer
    (780) 235-4100