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VANCOUVER, BC, Aug. 6,
2021 /CNW/ - VLCTY Capital Inc. (TSXV: VLCY.P) ("VLCTY"), a
capital pool company, and BuildDirect.com Technologies Inc.
("BuildDirect" or the "Corporation") are pleased to
announce that, they have filed a filing statement dated
August 4, 2021 (the "Filing
Statement") with the TSX Venture Exchange (the
"Exchange") for the previously announced proposed reverse
take-over transaction, which is substantially described in VLCTY's
press releases dated March 19, 2021
and May 6, 2021 (the "Qualifying
Transaction").
VLCTY and BuildDirect are also pleased to announce that the
Exchange has provided conditional approval for the Qualifying
Transaction and the concurrent private placement of subscription
receipts and units of BuildDirect, and the listing of additional
securities to be issued by VLCTY in connection with the Qualifying
Transaction. Subject to fulfillment of all conditions to closing,
the Qualifying Transaction is expected to close during the week of
August 9th, 2021.
For additional information concerning the Qualifying Transaction
and the foregoing matters in connection therewith, please refer to
the VLCTY press releases dated March 19,
2021 and May 6, 2021 and the
Filing Statement, all of which are available under VLCTY's SEDAR
profile at www.sedar.com.
About BuildDirect.com Technologies Inc.
BuildDirect was incorporated on October
20, 1999 pursuant to the CBCA. The Corporation is not
a reporting issuer in any province or territory of Canada.
BuildDirect is an innovative marketplace for purchasing and selling
building materials online. The BuildDirect platform connects
homeowners and home improvement professionals in North America with suppliers and sellers of
quality building materials from around the world, including
flooring, tile, decking and more. BuildDirect's
year-over-year growth, proprietary heavyweight delivery network,
and digital reach have served to solidify its role as a
ground-breaking player in the home improvement industry.
About VLCTY Capital Inc.
VLCTY was incorporated on September 16,
2019 pursuant to the provisions of the Business
Corporations Act (British
Columbia) and is a capital pool company (as defined in the
Exchange Corporate Finance Manual) listed on the Exchange and a
reporting issuer in the Provinces of British Columbia, Alberta and Ontario. VLCTY has no commercial operations
and no assets other than cash.
Additional Information
Trading in the VLCTY Shares is presently halted. It is uncertain
whether the VLCTY Shares will resume trading until the Qualifying
Transaction is completed and approved by the Exchange. There are
not any interests in the Qualifying Transaction held by non-arm's
length parties to Exchange.
Cautionary Note Regarding Forward-Looking
Information
This press release contains statements which constitute
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"), including statements regarding the
plans, intentions, beliefs and current expectations of VLCTY and
BuildDirect with respect to future business activities and
operating performance. Forward-looking statements are often
identified by the words "may", "would", "could", "should", "will",
"intend", "plan", "anticipate", "believe", "estimate", "expect" or
similar expressions and includes information regarding: (a)
expectations regarding whether the Qualifying Transaction will be
completed; (b) the timing for completing the Qualifying
Transaction, if at all, and the conditions to such transaction; and
(c) BuildDirect's role as a ground-breaking player in the home
improvement industry.
Investors are cautioned that forward-looking statements are
not based on historical facts but instead reflect VLCTY and
BuildDirect's respective management's expectations, estimates or
projections concerning future results or events based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made. Although VLCTY and
BuildDirect believe that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed
thereon, as unknown or unpredictable factors could have material
adverse effects on future results, performance or achievements of
the resulting issuer. Among the key factors that could cause actual
results to differ materially from those projected in the
forward-looking statements are the following: the ability to
consummate the Qualifying Transaction and the satisfaction of other
conditions to the consummation of the Qualifying Transaction on the
proposed terms and schedule; the potential impact of the
announcement or consummation of the Qualifying Transaction on
relationships, including with regulatory bodies, employees,
suppliers, customers and competitors; changes in general economic,
business and political conditions, including changes in the
financial markets; changes in applicable laws and regulations both
locally and in foreign jurisdictions; compliance with extensive
government regulation; the risks and uncertainties associated with
foreign markets; and the diversion of management time on the
Qualifying Transaction. These forward-looking statements may be
affected by risks and uncertainties in the business of VLCTY and
BuildDirect and general market conditions, including
COVID-19.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed,
estimated or expected. Although VLCTY and BuildDirect have
attempted to identify important risks, uncertainties and factors
which could cause actual results to differ materially, there may be
others that cause results not to be as anticipated, estimated or
intended and such changes could be material. VLCTY and BuildDirect
do not intend, and do not assume any obligation, to update the
forward-looking statements except as otherwise required by
applicable law.
Completion of the Qualifying Transaction is subject to a
number of conditions, including but not limited to TSXV acceptance
and if applicable pursuant to TSXV requirements,. Where applicable,
the Qualifying Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that
the Qualifying Transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement prepared in
connection with the Qualifying Transaction, any information
released or received with respect to the Qualifying Transaction may
not be accurate or complete and should not be relied upon. Trading
in the securities of VLCTY should be considered highly
speculative.
The TSXV has in no way passed upon the merits of the
Qualifying Transaction and has neither approved nor disapproved the
contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE BuildDirect.com Technologies Inc.