Blue Vista Technologies Inc. Announces Results of Annual and Special Meeting of Shareholders
December 31 2010 - 1:27PM
Marketwired
Blue Vista Technologies Inc. (TSX VENTURE: BV.H) ("the Company") is
pleased to announce that pursuant to its December 2, 2010 news
release, all the resolutions proposed at the Annual and Special
Meeting of Shareholders held on December 30, 2010 were duly passed.
In particular, the Company has attained shareholder approval for
the proposed private placement (the "Offering") of up to 10,000,000
units at a price of $0.10 per unit for total gross proceeds of up
to $1,000,000.
Proceeds of the offering will be used for working capital,
acquisitions, incurring Canada exploration expenditures (within the
meaning of the Income Tax Act (Canada)), to settle debt with cash
and bring the continuous disclosure record of the Company up to
date.
In addition, the shareholders have approved the Company's
proposal to settle (the "Debt Settlement") an aggregate of up to
$1,100,000 of indebtedness through the issuance of up to 22,000,000
common shares of the Company. The debt settlement will
substantially strengthen the Company's balance sheet.
The securities issued pursuant to the Offering and the Debt
Settlement are subject to a four-month hold period. In addition,
the Offering and the Debt Settlement are subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the NEX.
The Company is investigating strategic alternatives, including
the sale of its assets and possible acquisitions, which may, or may
not, involve a change of business, in order to enhance shareholder
value.
Except for historical information contained herein, this news
release contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from those
currently anticipated due to a number of factors and risks. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Shares Outstanding: 22,615,576
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 release.
Contacts: Blue Vista Technologies Inc. Alex Falconer CFO and
Director (416) 637-1063 falconer@revelstone.ca
(TSXV:BV.H)
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