MONTREAL, QUEBEC -- (Marketwire) -- 03/19/13 -- 360 VOX Corporation (TSX VENTURE: VOX) - 360 VOX Corporation ("360 VOX") announced today that it has entered into a letter of intent setting out the terms in principle pursuant to which 360 VOX will:
-- acquire the management contract rights for the Enchantment Resort, Mii amo and the Tides Inn;-- license the brand rights to "Enchantment", "Mii amo" and "Tides" and their related marks;-- prepare and submit a proposal to re-develop the Tides Inn and become developer of the project;-- have an option to acquire an ownership interest in the Tides Inn;-- Mark Grenoble, founder of the Enchantment Group, will join its executive management team.
The terms of the transaction are subject to, among other things, the parties agreeing to the terms of, and entering into, definitive agreements and to approval, as necessary, by the TSXV and include a combination of cash and share consideration, including the issuance of 7,500,000 common shares of 360 VOX for the brand rights, which could be increased if the Tides Inn option is not exercised.
Enchantment Resort, with 218-guest accommodations, is the must-stay property in the celebrated destination of Sedona, Arizona, as well as Mii amo, one of the world's leading destination spas. The Tides Inn, located near Irvington, Virginia, with its 106-guest accommodations, is a preferred mid-Atlantic getaway for couples, families and groups. All three properties are members of Preferred Hotels and Resorts.
Upon the completion of the contemplated transactions, 360 VOX will add the Enchantment Group's hospitality management team's expertise to the services it can offer and have a platform upon which to generate future growth by leveraging access to one of the top-rated spa brands in the world.
Due to the advanced nature of the negotiations, the parties have agreed to a limited 45-day exclusivity period and expect to agree upon and enter into definitive documentation within that period.
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 Developments Inc. and Wilton Properties Ltd. 360 VOX is also engaged in the sales and marketing of real estate through Sotheby's International Realty Canada and Blueprint Global Marketing.
For further information on 360 VOX please visit our websites at www.360vox.com and www.sothebysrealty.ca. 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, the negotiating and entering into of agreements, the terms of the proposed transaction, and the effect of completing the proposed transaction, 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, which may cause actual results or events to differ materially from current expectations, including that the parties may not reach agreement on the terms of the proposed transaction or there may be changes to the terms of the transaction from those in the letter of intent, or if agreements are entered into, any required consents or approvals may not be obtained or obtained in a timely manner and any conditions may not be satisfied or the transaction may not be completed 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