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DISSEMINATION IN THE UNITED STATES/
Symbol: "DVR.H": NEX
MONTREAL, Sept. 1 /CNW Telbec/ - Communications DVR Inc. ("DVR" or the
"Company"), a capital pool company listed on the NEX, announces that the
proposed arm's length Qualifying Transaction ("QT") with Wits Basin Precious
Metals Inc. ("Wits"), as fully disclosed by DVR in its press release dated
March 10, 2008 has been terminated as of July 10, 2009.
From March 3, 2008 to the termination of the proposed QT, the Company
pursued its due diligence review of Wits' business, pursuant to the terms and
conditions of the letter of intent entered into with Wits on March 3, 2008. As
one of the main conditions prior to the completion of the QT, Wits was in the
process of obtaining the approval of the Minister of the Department of
Minerals and Energy of the Republic of South Africa in connection with its
exploration permits, however such approval was never obtained due mainly to
economic and political turmoil in South Africa. The status of the proposed QT
was delayed for over a year pending Wits ability to receive the requisite
approval noted above and the fact that the Company had not identified any
other assets or businesses with a view to completing another QT.
Trading of the DVR shares were halted at DVR's request on March 3, 2008
pending completion of the proposed QT, however trading was subsequently
suspended on March 18, 2008 as the Company had not completed a QT within
24-months of its listing on the TSX Venture Exchange (the "Exchange"). On June
30, 2008, the Company's shares had been transferred to NEX where they have
since remained suspended.
The Company has been advised by the Exchange that trading in DVR's shares
on NEX are scheduled to be reinstated effective the opening September 2, 2009.
As a capital pool company, DVR will be active in identifying a company or
assets for a potential qualifying transaction pursuant to Policy 2.4 of the
Neither 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."
Except for statements of historical fact, all statements in this news
release, without limitation, regarding new projects, acquisitions, future
plans and objectives are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
For further information:
For further information: Jean Luc Calonne, Communications DVR Inc.,
(514) 992-1292, Facsimile: (514) 510-1235