RCA.P Revelation Ventures Inc. (Tier2)

Revelation Ventures Inc. ("Revelation" or the "Corporation") (TSX VENTURE:RCA.P)
is pleased to announce that it entered into a letter of intent with Courtland
Capital Corp. ("Courtland") on May 11th, 2009 (the "Agreement"), in respect of a
proposed "qualifying transaction" for the purposes of the policies of the TSX
Venture Exchange (the "Exchange"). Also, further to the news release issued by
the Corporation on March 3, 2009, the Board of Directors have determined that,
due to the insolvency of Prestique Kitchens Ltd. ("Prestique"), Revelation is
unlikely to recover the $225,000 secured loan it had advanced to Prestique in
contemplation of Revelation's intention to acquire all the issued and
outstanding shares of Prestique as its qualifying transaction.


Proposed Qualifying Transaction

Under the Agreement it is proposed that Revelation, a capital pool company
listed on the Exchange, will subscribe for a minimum of 2,000,000 units (the
"Units") of Courtland at a price of $0.10 per Unit or $200,000 in the aggregate
(the "Proposed Transaction"). Each Unit shall consist of one common share in the
capital of Courtland (a "Common Share") and three quarters (3/4) of one common
share purchase warrant (each whole warrant a "Warrant") of Courtland. Each
Warrant shall entitle the holder to acquire one additional Common Share at an
exercise price of $0.20 per Common Share, at any time on or before the close of
business on the date that is two years from the closing date of the Proposed
Transaction.


Revelation has also agreed, under the terms of the Agreement, to advance $25,000
as a refundable deposit (the "Deposit") to Courtland to cover transactional
expenses pending completion of the Proposed Transaction. The Deposit becomes
nonrefundable and Revelation's obligation to proceed with the Proposed
Transaction are both subject to certain conditions including a satisfactory due
diligence review by Revelation, a favourable tax opinion has been received with
respect to the consequences of the Proposed Transaction to Revelation and its
shareholders, and the Proposed Transaction has received all applicable approvals
required by applicable regulators including the Exchange.


Following closing of the Proposed Transaction, Revelation intends to delist from
the Exchange, commence winding up proceedings, and distribute the Units to its
shareholders on a pro rata basis. Units of Courtland distributed to current
holders of escrowed shares of Revelation will be subject to the same escrow
provisions as their current shares of Revelation.


Courtland is a capital pool company listed on the Exchange and is in the process
of completing its own qualifying transaction with ForceLogix Inc.
("ForceLogix"). For more information with respect to Courtland and its
qualifying transaction with ForceLogix, please review the Filing Statement dated
August 29, 2008 and related press releases posted on the System for Electronic
Data Analysis and Retrieval (SEDAR) at www.sedar.com.


ForceLogix is a privately held corporation existing under the laws of Nevada
with its corporate offices located in Libertyville, Illinois. ForceLogix
develops and commercializes technologies in the field of sales performance
management and process optimization. ForceLogix provides software-as-a-service
as well as technical and consulting services to clients to address sale
performance management matters in a range of industries; specifically focusing
on life sciences/pharmaceutical, high technology and financial services.


ForceLogix has developed several new technologies which it believes will change
the nature of sales effectiveness and sales performance management. By combining
objective system driven data with subjective, field observation data, ForceLogix
has devised a proprietary measurement and evaluation application. ForceLogix has
started implementation of its combined technologies and measurement and
evaluation application for its first customers. For more information with
respect to ForceLogix, please visit its website at www.forcelogix.com.


Courtland is expected to file an amended filing statement on SEDAR, updating
information on its qualifying transaction with ForceLogix. Revelation's shares
have been halted from trading on the Exchange and will not resume trading until
such time as Courtland files an amended filing statement on SEDAR.


Completion of the transaction is subject to a number of conditions, including
but not limited to, Exchange acceptance and if applicable pursuant to Exchange
requirements, majority of the minority shareholder approval. Where applicable,
the transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the transaction will be completed as
proposed or at all.


Secured Advance to Prestique Kitchens Ltd.

As previously noted in the March 3, 2009 news release issued by the Corporation,
Revelation had initiated the process seeking repayment of the $225,000 secured
advance (the "Advance") it had made to Prestique in accordance with the terms
required under the Exchange Policy 2.4. Revelation has identified that in
addition to the principal secured lender having secured debt against Prestique
in excess of $2.5 Million, there are also substantial debts being claimed
against Prestique on a superpriority basis by both the Canada Revenue Agency and
the Workers Compensation Board, all of which claims take priority over
Revelation's security interest with respect to the Advance. In light of the
above, and the fact that Prestique has ceased operations, the Board of Directors
of Revelation expects that likelihood of recovery of the Advance is remote and
has suspended from taking any further actions with respect to recovery of the
Advance. The Corporation will not be providing any further disclosure with
respect to the Advance unless the circumstances change such that the Corporation
determines that there is an opportunity to recover the Advance or a portion of
the Advance.

Revelation Ventures Inc. (Tier2) (TSXV:RCA.P)
Historical Stock Chart
From Jun 2024 to Jul 2024

Revelation Ventures Inc. (Tier2) (TSXV:RCA.P)
Historical Stock Chart
From Jul 2023 to Jul 2024