MONTREAL, QUEBEC -- (Marketwired) -- 05/14/13 -- 360 VOX Corporation (TSX VENTURE: VOX) ("360 VOX") announced today that, further to its news release dated March 19, 2013, it has completed the transactions previously announced and has entered, indirectly, into a series of definitive agreements with members of Enchantment Group, pursuant to which, among other things, 360 VOX, indirectly:
-- will manage Enchantment Resort, Mii amo and the Tides Inn for an initial term of 12 years;-- acquired an exclusive license to use the trademarks "Enchantment" and "Mii amo" and related marks in connection with the operation, marketing and promotion of first class destination spa resorts;-- will prepare a plan to re-develop the Tides Inn; and-- acquired a conditional option to acquire an interest in the Tides Resort and Tides Inn.
In connection with the transaction, Mark Grenoble, President of Enchantment Group and his team will join 360 VOX's executive management team and Mark will head 360 VOX's hospitality division.
With the completion of this transaction, 360 VOX adds hospitality management to the services it can offer and creates a platform upon which to generate future growth by leveraging access to one of the top-rated resort and spa brands in the world.
"For all of us at Enchantment Group, we are extremely excited about this transaction as it allows us the opportunity to showcase and grow our demonstrated resort, hotel and spa expertise," said Mark Grenoble, President of Enchantment Group. "We are very excited about the opportunities that lie ahead as we blend our hospitality expertise with 360 VOX's real estate development and sales expertise."
"The addition of the Enchantment team brings best in class management expertise and the power of a category leading brand to 360 VOX's extensive real estate capabilities" said Robin Conners, President of 360 VOX.
Enchantment Resort, with 218 guest accommodations within red rock Boynton Canyon, is the must-stay property in the celebrated destination of Sedona, Arizona, which includes Mii amo spa, one of the world's leading destination spas. The intimate Tides Inn, located near the Chesapeake Bay in Irvington, Virginia, with its 106-guest accommodations, is a preferred mid-Atlantic getaway for couples, families and groups.
Consideration for the transactions included an undisclosed amount of cash, 7,500,000 common shares of 360 VOX, with a future obligation to issue additional common shares of 360 VOX valued at $1,000,000 based on the 30 day trailing average on the TSXV at the time of issuance in the event the conditional option is not exercised following the Tides Inn plan having been approved, and the assumption of certain conditional obligations in respect of Tides Inn.
In addition, 1,250,000 common shares of 360 VOX will be issued to Mark Grenoble, subject to TSXV acceptance, for services rendered to 360 VOX Corporation and its affiliates.
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 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 term of appointment as manager 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