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Phoenix Canada Oil Company Limited Announces Letter of Intent for Reverse Takeover Transaction with VMedia Inc.
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[{"type":"text","content":"Phoenix Canada Oil Company Limited Announces Letter of Intent for Reverse Takeover Transaction with VMedia Inc.Not for Distribution to U.S.Newswire Services or for Dissemination in the United StatesTORONTO, CANADA / ACCESSWIRE / October 24, 2018 / Phoenix Canada Oil CompanyLimited (TSX-V: PCO) (\"Phoenix\" or the \"Company\") is pleased to announce thatit has entered into a non-binding letter of intent (the \"LOI\") dated October 23, 2018 with VMedia Inc., a private Canadiancorporation (\"VMedia\") that offerstelecom and broadcasting services across Canada, and is a pioneer in thedevelopment of live streaming TV solutions. As presently contemplated, it isexpected that the proposed transaction (the \"Proposed Transaction\")will be completed by way of a statutory plan of arrangement under the Canada Business Corporations Act, and thatthe completion of the Proposed Transaction will constitute a reverse takeover ofthe Company by VMedia.CharlotteMoore Hepburn, the CEO of Phoenix, stated that, \"We are pleased to have found ahigh potential strategic partner who shares our corporate values and has theability to provide a significant growth opportunity for our shareholders. We are excited about the proposed transaction with VMedia and look forward to workingcollaboratively with VMedia in pursuit of an expeditious and favourable outcome.\"\"We are very pleased to embark on thisimportant new stage in VMedia's growth, in partnership with Phoenix,\" said GeorgeBurger, Co-founder of VMedia. \"Since launching VMedia five years ago, our focushas been to provide Canadians with better value and innovative features for internet,TV, home phone and home security services. This important new strategicpartnership will allow us to significantly advance our position as the leadingindependent provider of these key residential services and THE alternative tothe major cablecos and telcos all across Canada.\"\"The deal will also provide uswith the resources to build on our technology leadership in streaming videoplatforms, including live streaming TV, which VMedia was the first to launch inCanada in 2013,\" said Alexei Tchernobrivets, Co-Founder of VMedia. \"Streamingvideo is transforming the way in which viewers enjoy TV. It offers lower costsand easier access to great content, and this transaction will help us to continueto lead the way.\" General Inform...