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TORONTO, Aug. 31, 2020 /CNW/ - OV2 Investment 1 Inc.
(the "Corporation") (TSXV: OVO.P), a capital pool company under
Policy 2.4 of the TSX Venture Exchange ("Exchange"), announces that
it is continuing to pursue its previously disclosed proposed
qualifying transaction ("QT") with EasTower Group, Inc.
("EasTower").
The Corporation and EasTower are in the process of completing
due diligence and negotiating a definitive agreement in relation to
the QT, which they currently expect to execute in September 2020.
In addition, the parties have affirmed their commitment to the
QT by entering into a binding letter of intent (the "Binding LOI").
The Binding LOI replaces the non-binding letter of intent between
the Corporation and EasTower dated July 14,
2020 (the "Original LOI") and is consistent with the terms
of the Original LOI except that EGI Investments, Inc. will no
longer be a party to the transaction.
Further details regarding the QT and EasTower are set out in the
Corporation's press release dated July 16,
2020.
Forward Looking Information
Certain statements in this press release are "forward-looking
statements" that involve risks and uncertainties, such as terms and
completion of the proposed transaction. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual
results in each case could differ materially from those currently
anticipated in such statements.
Completion of the transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance and
if applicable pursuant to Exchange Requirements, majority of the
minority shareholder approval. Where applicable, the transaction
cannot close until the required shareholder approval is obtained.
There can be no assurance that the transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the transaction, any information released or
received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release."
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE OV2 Investment 1 Inc.