Real Estate — November 16, 2012360 VOX Corporation Completes Acquisition of 100% of the Canadian Real Estate Businesses Sotheby's International Realty Canada and Sotheby's International Realty Quebec
TORONTO, ONTARIO--(Marketwire - Nov. 16, 2012) - 360 VOX Corporation (TSX VENTURE:VOX) - 360 VOX Corporation is pleased to announce that, further to its news release dated October 29, 2012, it has completed its acquisition of the real estate businesses known as Sotheby's International Realty Canada, Sotheby's International Realty Quebec and Blueprint Global Marketing. Sotheby's International Realty® is a registered trademark of Sotheby's International Realty Affiliates LLC, which is not part of the transaction.
In addition to completing the previously announced transaction, which included the acquisition of a 75.5% interest in Gestram Real Estate Services Inc. from the sellers, 360 VOX agreed to terms and concurrently completed the acquisition for cash consideration of the remaining 24.5% interest not owned by the sellers. Gestram does business as Sotheby's International Realty Quebec.
As a result of these transactions, 360 VOX now owns 100% of Sotheby's International Realty Canada, Sotheby's International Realty Quebec and Blueprint Global Marketing.
The consideration for the transactions, including the acquisition of the 24.5% interest in Gestram, paid at closing and that may be payable in earn outs over the next two years, will be an aggregate of up to $4,050,000 in cash and 54.25 million common shares of 360 VOX.
The full text of the Share Purchase Agreement will be available on SEDAR at www.sedar.com and may be obtained upon request to 360 VOX.
On Behalf of the Board of Directors
Robin Conners, President and CEO
About 360 VOX Corporation
360 VOX is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". 360 VOX is engaged in the business of managing and developing international hotel, resort, residential and commercial real estate projects through its wholly-owned subsidiaries, 360 VOX Asset Management Inc., 360 VOX Development Inc., and in Cuba through its wholly owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A.
For further information on 360 VOX please visit our website at www.360vox.com. 360 VOX's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).
This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may" "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. Forward-looking statements include statements with respect to, closing of the transaction, the number of shares that will be outstanding following closing and the contracts and guarantees to be entered into on closing and are based on assumptions that management believe are reasonable. These statements are not guarantees of future results and are subject to numerous risks and uncertainties that the conditions to closing may not be satisfied or that the transaction may not close for other reasons. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of 360 VOX to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Latest Industry Press Releases
Black Diamond Group Limited Announces May Dividend (2013-05-17)
CanWel Announces Election of Directors (2013-05-14)
|MOST POPULAR STORIES|
- OPG $1 billion proposal to bury nuclear waste up for comment
- Hundreds of workers to be out of work as Caterpillar Inc. is set to close Toronto factory
- Proposed Ambassador Bridge twinning draws Windsor mayor’s ire
- Construction on pedestrian tunnel to Billy Bishop Airport continues to make progress
- Ontario prompt payment bill to get second reading today
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 316 projects with a total value of $2,787,806,637 that Reed Construction Data Building Reports reported on Friday.
$90,000,000 Richmond Hill ON Prebid
$82,000,000 White River Twp ON Tenders
$40,650,000 Markham ON Prebid
- VIDEO: Economic Update May 21, 2013
- VIDEO: Competing in the trades
- Multi-employer approach needed in apprenticeships
- New Perspective
- ACEC’s input helps develop global engineering guidelines
- Clerk of works position gives peace of mind on projects
- World Trade Center developer’s plan for a 926-foot tower moving ahead
- Call for action after MOL says workers are responsible for their own safety
- Cold spring and weak construction hurt Deere’s 2013 predictions
- CanBIM reschedule June session
- More green roofs top Toronto buildings
- Witness recants testimony in Montreal corruption case
- Construction Site Arson
- Industry reacts to surprise B.C. Liberal majority
- Journal of Commerce Update for the week of May 20th, 2013
- Calgary Airport Tunnel
- Worker at centre of union sign up allegations speaks out
- Calgary program aims to get more people into the trades
- Midrise in the City
- Veterans battle barriers into the trades
- Government makes changes to online tendering
- SNC-Lavalin maintains that new bribery allegations have been resolved
- B.C. faces a tough battle for top talent
- Keyano College building state of the art training facility
- Essential skills can play a vital role in an apprentices' success
- Taking a closer look at the risks in green building for contractors
- Colleges conduct construction research in addition to teaching
- Skills Canada BC Competition
- Lower Mainland high school trades program is unique
- Construction Learning Forum aims to educate
- High schools looking for more industry participation
- Industrial construction supervisor program takes off
- Saskatchewan bill passed
- Edmonton garners support for regional cash for arena
- Feds pledge $5 million for Vimy memorial