SYS-CON MEDIA Authors: Dana Gardner, Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith

News Feed Item

360 VOX to Acquire the Canadian Real Estate Businesses Sotheby's International Realty Canada and Sotheby's International Realty Quebec

TORONTO, ONTARIO -- (Marketwire) -- 10/30/12 -- 360 VOX Corporation (TSX VENTURE:VOX) - 360 VOX Corporation is pleased to announce that it has entered into an agreement to acquire a group of real estate businesses in Canada known as Sotheby's International Realty Canada, Sotheby's International Realty Quebec, and Blueprint Global Marketing. This group of real estate businesses in Canada is involved in listing, marketing and selling real estate, including, but not limited to, sales and marketing of condominiums, attached and detached homes, condominium developments and resort properties, both in the residential resale market and stand-alone projects. Blueprint Global Marketing also markets real estate internationally, working with the Sotheby's International Realty® network to assist in the listing and selling of international developments. Sotheby's International Realty® is a registered trademark of Sotheby's International Realty Affiliates LLC, which is not part of this transaction.

Pursuant to the terms of a definitive Share Purchase Agreement, 360 VOX will acquire, directly and indirectly, all of the shares of Mt. Ventoux Holdings Inc., which owns Max Wright Real Estate Corporation and 75.5% of Gestram Real Estate Services Inc., which do business as Sotheby's International Realty Canada and Sotheby's International Realty Quebec, respectively, under direct franchise agreements with Realogy Group LLC, a relationship that 360 VOX will maintain. Mt. Ventoux Holdings also owns Blueprint Global Marketing Ltd., Blueprint Real Estate Project Marketing India Private Limited and Blueprint Global Marketing Inc. and it's 50% interest in 360 Blu Inc.

Pursuant to the terms of the Share Purchase Agreement, the sellers will receive as consideration up to $3,650,000 in cash and 54.25 million common shares of 360 VOX (or approximately 27% of the issued and outstanding common shares of 360 VOX prior to giving effect to the transaction). A portion of the consideration is subject to an earn out and the common shares issued at closing are subject to lock-up agreements for up to 12 months. A portion of the cash consideration at closing will be placed in escrow for working capital and indemnification purposes.

The transaction is subject to closing conditions, including approval by the TSX Venture Exchange, satisfaction of regulatory requirements and other closing conditions, and is expected to close in early November 2012.

In connection with the closing of the transaction, 360 VOX will enter into employment and non-competition agreements with Ross McCredie and other senior management of the businesses being acquired, and non-competition agreements with certain of the other sellers and their principals.

Ross McCredie is the founder and President and Chief Executive Officer for the group of businesses, responsible for the overall strategic direction, sales management and coordination of the Sotheby's International Realty Canada, Sotheby's International Realty Quebec and Blueprint Global Marketing client service platforms. Pursuant to the terms of Ross McCredie's employment agreement, Ross will become Chief Operating Officer of 360 VOX and is to be appointed to the board of directors of the Company at the first scheduled board meeting following closing of the transaction.

At closing, 360 VOX will enter into guarantees in favour of Realogy Group LLC in respect of obligations of Mt. Ventoux Holdings Inc. and Gestram Real Estate Services Inc. under the existing franchise agreements. In addition, pursuant to the terms of the franchise agreements, following closing the acquisition of more than forty-nine percent of the common shares of 360 VOX will require the consent of Realogy Group LLC.

The full text of the Share Purchase 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 is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". 360 VOX is engaged in the business of managing and developing international hotel, resort, residential and commercial real estate projects through its wholly-owned subsidiaries, 360 VOX Asset Management Inc., 360 VOX Development Inc., and in Cuba through its wholly owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A.

For further information on 360 VOX please visit our website at www.360vox.com. 360 VOX'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. Forward-looking statements include statements with respect to, closing of the transaction, the number of shares that will be outstanding following closing and the contracts and guarantees to be entered into on closing and are based on assumptions that management believe are reasonable. These statements are not guarantees of future results and are subject to numerous risks and uncertainties that the conditions to closing may not be satisfied or that the transaction may not close for other reasons. 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 360 VOX 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Verizon offers public cloud, virtual private cloud as well as private cloud on-premises - many different alternatives. Verizon's deep knowledge in applications and the fact that we are responsible for applications that make call outs to other systems. Those systems and those resources may not be in Verizon Cloud, we understand at the end of the day it's going to be federated," explained Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, in this SYS-CON.tv interview at...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...