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360 VOX Corporation Acquires Loan in Respect of Clearpoint Resort
By: Marketwired .
Nov. 21, 2012 06:09 PM
TORONTO, ONTARIO -- (Marketwire) -- 11/21/12 -- 360 VOX Corporation (TSX VENTURE:VOX) - 360 VOX Corporation (the "Company") is pleased to announce that, through its wholly-owned subsidiary 360 VOX (Croatia) Inc. ("360 VOX Croatia"), it has entered into an agreement with, among others, Mosaic Finance (Luxembourg) SARL ("Mosaic") to purchase outstanding secured loans to Clearpoint Resort d.o.o. (Croatia) ("Clearpoint Resort") and its subsidiaries in respect of the resort development being pursued by Clearpoint Resort on over 100,000 m2 in Cavtat, Croatia, near Dubrovnik (the "Resort Development"). The Resort Development is to be a master-planned hotel, marina and recreational residential development.
The purchase price for the loans is EUR750,000. The principal amount outstanding in respect of the loans is approximately EUR2,400,000. The loans are secured by three properties near Dubrovnik (the "Properties"), owned by Clearpoint Resort and relating to the Resort Development. As part of the purchase, 360 VOX Croatia will acquire all of Mosaic's rights and obligations under the loan and related security agreements and be registered as a new mortgagee in respect of the Properties.
The purchase will extend the financing relationship between the Company, Clearpoint Resort and its parent company Clearpoint Resort Limited (Malta), with which 360 VOX Croatia has in place existing financing arrangements.
On Behalf of the Board of Directors Robin Conners, President and CEO
About 360 VOX Corporation
The Company is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". 360 VOX manages and develops international hotel, resort, residential and commercial properties through its wholly-owned subsidiary, 360 VOX Asset Management Inc., 360 VOX Developments Inc., and in Cuba through its wholly owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A.. 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 the Company please visit our website at www.360vox.com and www.sothebysrealty.ca. The Company'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. In particular, forward-looking statements include statements respecting Croatia's entry into the European Union, the Company's future intention to invest in the Resort Companies, the successful development of Dalmi's Adriatic Coast projects and the estimated build-out value of the projects, and are based on assumptions that management believe are reasonable, including the proposed number of lodging properties and amenity packages which form part of these fully integrated recreational projects to be built as per the masterplans submitted by Dalmi, using estimated construction and investment costs and sales revenue based on current market trends. These statements are not guarantees of future results and are subject to numerous risks and uncertainties, including the Company's completion of due diligence and decision on whether to proceed with the projects; and the availability of capital to finance growth of the projects; adverse factors generally encountered in the resort industry; the risks associated with world events, including war, terrorism, international conflicts, natural disasters and extreme weather conditions; general economic conditions, supply and demand changes for resort properties; competitive conditions in the resort industry; changes to permitting and entitlements; changes to the resort industry and government regulation and currency fluctuations. 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 the Company 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.
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