TORONTO, ONTARIO--(Marketwire - June 28, 2012) - 360 VOX Corporation (TSX VENTURE:VOX) - 360 VOX Corporation ("360 VOX") is pleased to announce that it has agreed to provide additional financing to First Bay Resort Limited (Malta) (the "Resort Company") in an amount equal to the Canadian dollar equivalent of €858,000 and further to the amounts initially advanced in October 2011 in respect of the Dalmi d.o.o. (Croatia) Adriatic Coast resort development.
The additional proceeds will be used for working capital purposes and to meet ongoing project capital and debt financing requirements for the master-planned hotel, marina and recreational residential development on over 247,000 m2 in Primosten, Croatia, near Split (the "Development").
Pursuant to the terms of the amendment providing for such additional loan amounts, the Resort Company will borrow an additional amount equal to the Canadian dollar equivalent of €858,000 in tranches at prime plus 4% and otherwise on the same terms as the previously loaned amounts, subject to satisfaction of funding conditions including the registration of additional security. In addition to the existing security and guarantees, a wholly owned indirect subsidiary of the Resort Company will guarantee the Resort Company's obligations under the loan and grant a mortgage in favour of a subsidiary of 360 VOX over real property owned and property to be acquired using proceeds from the additional advances. As well, a portion of the funds are being used to release certain management arrangements affecting the Development to facilitate 360 VOX's potential investment in and activities with respect to the exclusive management and operation of the Development.
The full text of the amendment to the loan agreement will be available on SEDAR at www.sedar.com and may be obtained upon request to 360 VOX.
On Behalf of the Board of Directors
Robin Conners, President and CEO
About 360 VOX Corporation
360 VOX Corporation (or the "Company") is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". The Company is engaged in the business of developing and managing international hotel, resort, residential and commercial properties through its wholly-owned subsidiary, 360 VOX Developments Inc. and 360 VOX Asset Management Inc., and in Cuba through its wholly owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A., an agency of the Cuban government.
For further information on the Company please visit our website at www.360vox.com. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).
This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. In particular, forward-looking statements include statements respecting Croatia's entry into the European Union, the Company's future intention to invest in the Resort Companies, the successful development of Dalmi's Adriatic Coast projects and the estimated build-out value of the projects, and are based on assumptions that management believe are reasonable, including the proposed number of lodging properties and amenity packages which form part of these fully integrated recreational projects to be built as per the masterplans submitted by Dalmi, using estimated construction and investment costs and sales revenue based on current market trends. These statements are not guarantees of future results and are subject to numerous risks and uncertainties, including the Company's completion of due diligence and decision on whether to proceed with the projects; and the availability of capital to finance growth of the projects; adverse factors generally encountered in the resort industry; the risks associated with world events, including war, terrorism, international conflicts, natural disasters and extreme weather conditions; general economic conditions, supply and demand changes for resort properties; competitive conditions in the resort industry; changes to permitting and entitlements; changes to the resort industry and government regulation and currency fluctuations. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.