VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 11, 2013) - VRX Worldwide Inc. (TSX VENTURE:VRW), (the "Company") announces that it will complete a non-brokered private placement of up to 10,000,000 common shares (the "Shares") at a price of $0.05 per Share for gross proceeds of up to $500,000 (the "Offering"). The Shares will be made available by way of a private placement exemption to accredited investors (as such term is defined in National Instrument 45-106 - Prospectus and Registration Exemptions) in Canada and to certain other qualified investors as the Company may agree. In connection with the Offering, the Company will pay a finder's fee in cash equal to 8% of the gross proceeds of the offering, and will issue finders' warrants exercisable to purchase such number of common shares as is equal to 8% of the number of Shares issued in the offering, at a price of $0.10 per Share, for a period of 12 months from the closing of the Offering.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation. The net proceeds from the Offering will be used by the Company to fund future development, sales and marketing, and working capital of MediaValet, a division of the Company.
Founded in late 2010, MediaValet is the world's first 100% cloud-based, enterprise class, global, digital asset management system. Built from the ground up on Microsoft's industry leading platform-as-a-service cloud offering, Windows Azure, MediaValet can cost effectively and securely meet the digital asset management needs of any company, no matter how large they are, where they're located, or what industry they're in.
The Offering is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
ABOUT VRX Worldwide Inc.
Through a decade and a half of growth, innovation and an unwavering commitment to customer service, VRX Worldwide is one of the world's leading providers of content production, management, distribution and licensing services. To find out more about VRX Worldwide, its products and services, visit www.vrxworldwide.com, www.vrxstudios.com and www.mediavalet.co.
On behalf of VRX Worldwide Inc.
per David MacLaren, CEO
"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 release."
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that VRX Worldwide Inc. (the "Company") expects to occur, are forward-looking statements. Forward- looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward- looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.