VANCOUVER, British Columbia, April 30, 2015 (GLOBE NEWSWIRE) -- Oxford Resources Inc. (OXI – TSX.V) ("Oxford" or the "Company") announces it has signed a non binding LOI to acquire YDreams Brazil SA.
YDreams Brazil, http://ydreams.com.br is part of a global company that is redefining the concept of interactivity, with a focus on the exciting field of Augmented Reality technologies. Over the last few years they have been developing full-scale interactive environments (from stores to exhibitions), products and intellectual property, combining technology and design.
YDreams Brazil researches and develops proprietary/patented technologies in areas such as image processing, augmented reality and gesture-based interfaces, resulting in best of breed solutions that they integrate into their client's marketing portfolios and products, or licenses to partners.
YDreams Brazil has developed projects around the world and has gathered expertise on over 500 projects in the past 8 years, with a list of clients that includes brands such as Coca-Cola, Bradesco, Petrobras, Rio de Janeiro Municipality, AmBev and many other leading Brazilian companies. It also has access to fifty Fortune 500 clients from the YDreams Group including Adidas, Vodafone, Barclays, Santander, and Nissan. Major partners include LG, Intel, Cisco, Microsoft and a vast network of suppliers worldwide.
Mitchell Adam, President states, "Having spent considerable time discussing a potential business combination with YDreams Chairman, Antonio Camara, it has personally become increasingly exciting to assist in charting Oxford in this new direction. YDreams was incorporated in 2007 and has developed world-class cutting edge technology, which was showcased at the 2014 World Cup in Brazil. Additionally, the anticipation of the 2016 Summer Olympics in Rio de Janeiro will bode very well for YDreams to continue with its goal of revenue growth. The added benefit for this transaction for YDreams and Oxford shareholders is that the acquisition will act as a springboard to showcase the YDreams talents in the North American marketplace."
As for the future of the company the next step is the development of B2C products. That would mean a significant growth both in revenues and international relevance of the company. YDreams Brazil´s target is to be the number one company in Brazil for Internet of Things research and development.
After a due diligence process, Oxford will execute a definitive agreement with YDreams, which if and when executed will constitute a Change of business. Oxford will need to submit documentation to the TSXV for receipt and review of acceptable documentation regarding the change of business/reverse takeover, pursuant to TSX-V listings Policy 5.2.
The LOI proposes Oxford complete the following,
- Oxford will seek shareholder approval to consolidate its share capital on a 4 for 1 basis prior to issuing shares to YDreams. Oxford will then result in having approximately 8,105,131million shares issued.
- Oxford will issue 55 million post-consolidated shares of Oxford to the shareholders of YDreams.
- The company complete a non-brokered private placement of $1.5 million Canadian dollars by issuing 10 million shares at $0.15 (with 10 million warrants for 1 year).
- Provide YDreams with 2 seats on the Board of directors.
- Change the name of the Company from Oxford Resources to YDreams International or and such approved name.
Oxford will be paying finders fees on both the financing and acquisition subject to regulatory and exchange approval.
Oxford will not be proceeding with Project 168 announced by news release dated March 17, 2015.
ON BEHALF OF THE BOARD OF DIRECTORS
OXFORD RESOURCES INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Oxford Resources Inc.