TORONTO, ON / ACCESSWIRE / November 23, 2018 / Phoenix Canada Oil Company Limited (TSX-V:PCO) ("Phoenix" or the "Company") is pleased to provide an update to the Company's previously announced non-binding letter of intent (the "LOI") dated October 23, 2018 with VMedia Inc., a private Canadian corporation ("VMedia") that offers telecom and broadcasting services across Canada as described in its press release dated October 24, 2018.
The Company and VMedia are working diligently to advance this transaction including the ongoing negotiation of a definitive agreement and obtaining all required regulatory approvals.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way passed upon the merits of the Proposed Transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved of the contents of this press release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Proposed Transaction including statements regarding the terms and conditions of the Proposed Transaction and the LOI, as well as information relating to VMedia. The information about VMedia contained in the press release has not been independently verified by the Company. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Proposed Transaction and the LOI; that the ultimate terms of the Proposed Transaction and the LOI will differ from those that currently are contemplated; and that the Proposed Transaction and the LOI will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Proposed Transaction may change based on the Company's due diligence and the receipt of tax, corporate and securities law advice for both the Company and VMedia. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, VMedia, their securities, or their respective financial or operating results (as applicable).
SOURCE: Phoenix Canada Oil Company Limited