Should have news soon!!!Based on the last news release stating that the secured loan holders were willing to hold off on interest payments until tommorrow.
TSX-V: VER
VECTA ENERGY CORPORATION –CORPORATE UPDATE
CALGARY, ALBERTA- September 1, 2011 – The Board of Directors of Vecta Energy Corporation("Vecta" or the "Company”) today announces that it has enteredinto a process to review strategic alternatives for the Company in order tomaximize shareholder value. The process of reviewing strategic alternativeswill be overseen by a special independent committee (the "Special Committee")comprised of the independent directors of the Board.
The Special Committee willevaluate strategic alternatives which may include, but are not limited to: thesale of a material portion of the assets of the Company; the sale of theCompany, either in one transaction or in a combination of transactions; amerger or other business combination with another company; or a farm-out orjoint venture.
The Company has not establisheda definitive timeline to complete its review and no decision on any particularalternative has been reached at this time. There can be no assurance that theprocess will result in a transaction of any form or, if a transaction isundertaken, as to its terms or timing. Vecta does not intend to make anyfurther announcements regarding the process unless and until the Board hasapproved a specific transaction or other course of action or otherwise deemsdisclosure of developments is appropriate.
Further information related tothe process can be found on the Company’s website at (www.vectaenergy.com).
The Board of Directors is also pleased to announce that the securedloan holders have agreed to extend the maturity date of the Secured Loans toNovember 30, 2011 and to forego any interest charges that may accrue fromAugust 31, 2011 to November 30, 2011 in order to arrest the growth of theaccrued interest.
The Board regrets to announcethat Ms. Diane Zuber has resigned her position as Vice President, Finance andChief Financial Officer of Vecta effectively immediately. Ms. Zuber will assistthe Special Committee in evaluating strategic alternatives with which tomaximize shareholder value. The Board wishes to thank Ms. Zuber for hervaluable contributions to the negotiation process that took place over the past9 months and look forward to her assistance in charting a new course for theCompany.
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