EDMONTON, March 6, 2013 /CNW/ - Virtual Universe Corporation (the "Corporation") (TSX-V:VU) announced today that subsequent to its news releases dated February 1, 2013 and February 4, 2013, it has obtained a final order ("Final Order") of the Court of Queen's Bench of Alberta on March 6, 2013 in respect of its previously announced going-private transaction by plan of arrangement ("Arrangement").
Receipt of the Final Order follows the Corporation's special meeting held on the same date, wherein the special resolution approving the Arrangement was approved by not less than two-thirds of the votes cast by shareholders of the Corporation present in person or represented by proxy at the meeting. The special resolution also received "majority of the minority" approval.
The closing of the Arrangement remains subject to the satisfaction or waiver of certain conditions of the Arrangement and is expected to occur on or about March 8, 2013.
Further details regarding the Arrangement are set out in the Corporation's notice of special meeting and information circular dated February 4, 2013, which is available on the Corporation's SEDAR profile at www.sedar.com.
Certain information in this press release is "forward-looking information" within the meaning of applicable Canadian Securities legislation and is prospective in nature, including information regarding the timing of the special meeting, the mailing of the Meeting Materials and the completion of the going-private transaction. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. This information generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. The Corporation can give no assurance that such forward-looking information will prove to have been correct.
The reader is cautioned not to place undue reliance on this forward-looking information, which speaks only as of the date of this press release.
The Corporation disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, further events or otherwise, except as required by applicable law.
Neither the 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 news release.
SOURCE: Virtual Universe Corporation
For further information:
Virtual Universe Corporation
Mr. Lorn Becker - President and CEO
Telephone: (780) 469-7477