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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
360 VOX Corporation
Chief Financial Officer
Marcovitch Public Relations