Business
Section Rouge Media and Evolutra sign new letter of intent
Section Rouge Media and Evolutra sign new letter of intent.
About this update from Falcon Energy Materials Plc
[{"type":"text","content":"\n\n\n\nLONGUEUIL, QC, Sept. 28 /CNW Telbec/ - SECTION ROUGE MEDIA INC.\n(TSX-V: SRO) ("Section Rouge Media") announced today that it has signed a\nletter of intent dated September 14, 2007, which supercedes and replaces a\nletter of intent dated June 14, 2007, with Evolutra Corporation / Corporation\nEvolutra ("Evolutra Corporation") for the acquisition (the "Acquisition") by\nSection Rouge Media of 100% of the issued and outstanding shares of Evolutra\nCorporation.\n\n\nThe letter of intent dated September 14, 2007, is similar to the letter\nof intent dated June 14, 2007, the terms of which were described in the press\nrelease issued by Section Rouge Media on July 12, 2007, but different in\ncertain material respects including the following:\n\n\na) the closing date of the Acquisition has been changed to November 30,\n 2007;\nb) the consideration payable by Section Rouge Media upon the completion\n of the Acquisition has been changed to $18,317,000.00 in cash and\n 44,862,643 shares of Section Rouge Media following the consolidation\n by Section Rouge Media of its common shares on a ten-to-one basis. The\n shares will have an estimated value of $1.017. The estimated total\n value of the consideration is $63,942,308.00. The value of the shares\n of Section Rouge Media forming part of the consideration will be\n evaluated by an independent evaluator; and\nc) the Acquisition is now conditional upon Evolutra acquiring four or\n more technology companies prior to the completion of the Acquisition.\n\n\nThe common shares of Section Rouge Media listed on the TSX Venture\nExchange Inc. will continue to be the subject of a cease trading order until\nthe closing of the Acquisition and the approval of the TSX Venture Exchange\nInc.\n\n\nThe Acquisition and the transactions contemplated herein (collectively,\nthe "Transactions") are subject to the approval of the TSX Venture Exchange\nInc. and also to the approval of the shareholders of Section Rouge Media and\nEvolutra Corporation.\n\n\nCertain information included in this press release may be forward-looking\nand involve risks and uncertainties. The results or events predicted in these\nstatements may differ materially from actual results or events. Factors that\nmight cause a difference include, but are not limited to, competitive\ndevelopments, ...