CT Developers Announces Results of Annual and Special Meeting/Update on Progress of QT
NEWS RELEASE
CT Developers Announces Results of Annual and Special Meeting/Update on Progress of QT
January 8, 2014 – Vancouver, British Columbia (TSX-V: DEV.P). CT Developers Ltd., ("CT" or the "Company"), a capital pool company, is pleased to announce the results of its annual general and special meeting (the “Meeting”) of shareholders that was held on January 6, 2014.
The following matters received unanimous approval from participating shareholders:
1. Messrs. Norman Eyolfson, Richard Buzbuzian, Terry Christopher and Jason Monaco (the “Founders”) were re-elected as directors.
2. D+H Group LLP, Chartered Accountants was re-appointed as the auditor.
3. The Company’s stock option plan was renewed.
4. The Company’s transfer to the NEX board of the TSX-V was approved; this will occur if the Company’s presently pending qualifying transaction (the “QT”) is not completed before February 24, 2014.
5. The cancellation of a total of 515,000 Founders’ escrowed shares (50% of their shares) was approved; this will occur if the Company’s QT is not completed before February 24, 2014. In the event of such a cancellation, the Founders would remain the owners of 515,000 escrowed shares.
The elected directors re-appointed Mr. Eyolfson as the Company’s CEO, CFO, and President and Mr. Buzbuzian as the Secretary and Treasurer.
The QT remains before the TSXV for approval and, in this regard, the Company is making good progress in addressing and providing responses to questions and issues raised by the TSX-V. In order to allow the target company (Bee Vectoring Technology Inc. (“BVT”)) to continue to advance its business prior to the completion of the ongoing regulatory approval process, the Company has advanced a total of $100,000 to BVT for operational purposes; CT intends to advance an additional $150,000 to BVT shortly. The entire $250,000 (the “Advances”) will be secured by a general security agreement over the assets and undertaking of BVT and, subject to the closing of the QT, it is expected that the Advances will be treated as inter corporate loans.
The common shares of CT will remain suspended until the completion or termination of the pending QT.
Completion of the QT is subject to a number of conditions, including the receipt of applicable regulatory approvals. There can be no assurance that the QT will be completed as proposed or at all.
For further information please contact:
Norman Eyolfson Phone: (416) 884-8601 President & Chief Executive Officer
Statements in this press release regarding CT's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as terms and completion of the proposed transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
COMPLETION OF THE PROPOSED TRANSACTION IS SUBJECT TO A NUMBER OF CONDITIONS, INCLUDING BUT NOT LIMITED TO, EXCHANGE ACCEPTANCE. THERE CAN BE NO ASSURANCE THAT THE PROPOSED TRANSACTION WILL BE COMPLETED AS PROPOSED OR AT ALL.
INVESTORS ARE CAUTIONED THAT, EXCEPT AS DISCLOSED IN THE FILING STATEMENT TO BE PREPARED IN CONNECTION WITH THE TRANSACTION, ANY INFORMATION RELEASED OR RECEIVED WITH RESPECT TO THE PROPOSED 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.
THE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE 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.