VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 08/26/11 — VRX Worldwide Inc. (TSX VENTURE: VRW) (“VRX Worldwide”) is pleased to announce that, further to its press release of August 15, 2011, VRX Worldwide has now closed the first tranche of its non-brokered private placement of 12% Convertible Debentures (“Debentures”) in the aggregate principal amount of $100,000. The Debentures will be due and payable on August 25, 2014.
The principal amount of the Debentures is convertible into common shares of VRX Worldwide at a price equal to the greater of $0.15 per share and the amount which is calculated by taking a 25% discount to market price at the time of conversion, provided that at no time shall such price exceed $0.55 per share. The Debentures will bear interest at 12% per annum, calculated and paid quarterly. VRX Worldwide may redeem all or a part of any outstanding Debentures prior to the maturity date by paying a premium of (i) 5% during the first year, (ii) 3% during the second year, and (iii) 2% during the third year.
All common shares of VRX Worldwide issuable on the conversion of the Debentures have a hold period expiring December 25, 2011. VRX Worldwide will use the net proceeds of the debentures to finance sales, marketing, support and development activities related to MediaValet and for general working capital requirements.
ABOUT VRX WORLDWIDE
Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Worldwide is one of the world-s leading providers of content production, distribution and licensing services, and is pioneering the global, Cloud-based, digital asset management industry.
To find out more about VRX Worldwide, visit , and . VRX Studios Inc. is a wholly owned subsidiary of VRX Worldwide Inc.
VRX Worldwide Inc.
David MacLaren, CEO
The securities of VRX Worldwide Inc. have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that VRX Worldwide Inc. (the “Company”) expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company-s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management-s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Contacts:
VRX Worldwide Inc.
Investor & Public Relations
888.605.0059
(604) 605-0051 (FAX)
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