February 24, 2014 - Vancouver, British Columbia - Technical Ventures RX Corp. ("Technical")
(TSXV: "TIK.P") provides the following update in connection with its proposed Qualifying Transaction, as previously announced on July 25, 2013 and October 31, 2013. Pursuant to the terms of the amended Plan of Arrangement Agreement dated October 31, 2013 ("Agreement"), the Qualifying Transaction was scheduled to close by March 31, 2014. The Qualifying Transaction will not close by March 31, 2014 and the parties are currently negotiating an extension to the closing date.
Further details will be announced once the parties execute an amendment to the Agreement extending the closing date, which is anticipated to occur shortly.
Reinstatement to Trading
The common shares of Technical will remain halted pending receipt by the Exchange of certain required materials from Technical and until Technical engages a sponsor or a sponsorship exemption is granted.
Description of Significant Conditions to Closing
Completion of the Qualifying Transaction is subject to a number of conditions, including those noted above. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
For further information please contact:
Technical Ventures RX Corp.
President and Chief Executive Officer
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and has neither approved nor disapproved of the contents of this press release.
Cautionary and Forward-Looking Statements:
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