Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) - This press release is related to the securities of Oculus VisionTech Inc. ("Oculus" or the "Company"). Mr. Roland Perkins, President, Chief Executive Officer and a director of the Company, announces the filing of an early warning report (the "Early Warning Report") pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") and National Instrument 62-104 - Take-Over Bids and Issuer Bids ("NI 62-104") pursuant to a disposition an aggregate of 8,000,000 common shares in the capital of the Company (the "Shares") through a private sale at a price of $0.0717 per Share (the "Disposition").
Prior to the Disposition, Mr. Perkins was the beneficial owner of 8,600,000 Shares, representing approximately 9.4069% of the issued and outstanding Shares on an undiluted basis (based on an aggregate of 91,422,569 Shares issued and outstanding).
Upon completion of the Disposition, Mr. Perkins now holds 600,000 Shares, representing approximately 0.6563% of the issued and outstanding Shares on an undiluted basis (based on an aggregate of 91,422,569 Shares issued and outstanding).
The disposition of the Shares by Mr. Perkins was made in reliance on the "private agreement exemption" from the formal take-over bid provisions of NI 62-104, as outlined in Section 4.2 of Part 4 of NI 62-104. More specifically, (a) the acquisition was made from not more than five (5) persons in the aggregate, including persons located outside the local jurisdiction; (b) the bid was not made generally to security holders of the class of Shares; and (c) the value of the consideration paid for the Shares, including brokerage fees or commissions, was not greater than 115% of the market price of the Shares at the date of the acquisition as determined in accordance with Section 1.11 of NI 62-104.
Mr. Perkins disposed of the Shares, for investment purposes. In pursuing such purpose, Mr. Perkins reserves the right to formulate other plans or make other proposals and take such actions deemed necessary with respect to his investment in the Company. Depending on the market conditions and other factors, Mr. Perkins may, from time to time, increase or decrease his beneficial ownership of the securities of the Company as deemed appropriate.
This news release is being issued in connection with the filing of the Early Warning Report pursuant to the requirements of NI 62-103 and NI 62-104. A copy of the Early Warning Report will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by contacting: Mr. Roland Perkins at (403) 483-3200.
The Company's head office is located at #507 - 837 West Hasting Street, Vancouver, British Columbia, V6C 3N6, Canada.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230813
SOURCE: Roland Perkins
