EDMONTON, AB, Nov. 11, 2011 /CNW/ - Virtual Universe Corporation (the "Company") (TSXV-VU), announced today that it has agreed to sell its entire
right, title and interest in the domain name VU.COM, together with any
unregistered trade-mark rights resulting from the Company's use of such
domain name (the "Domain Name") to Mortgage Research Center LLC for $700,000 USD (the "Sale").
The Company will retain all right, title, and interest in and to the
materials on the website located at the Domain Name as of the effective
date of the Sale (the "Website") including all copyrights to webpages designed for the Website, page
layouts for the Website, all graphics used at the Website, all
databases generated for the Website, and all banner advertisements for
the Website. The Company will move its existing web presence to a new
domain, VUCORP.CA.
Pursuant to the terms of the Domain Name Purchase Agreement dated
November 9, 2011, the Company may still create other websites for its
use similar to the Website as the Sale pertains only to the Domain
Name.
The Company has two principal areas of interest. It owns and maintains
an indefeasible right of use in two dark strands of optical fibers in
Alberta, Canada and is exploring options for future revenues from the
asset. In addition, the Company has proprietary technology called
Virtual Talker, which allows multiple participants to engage in
real-time verbal conversations over the internet. The Company has
suspended development and marketing of the Virtual Talker product line
due to lack of financial resources.
This press release contains certain ''forward-looking statements''.
These statements relate to future events or the Company's future
performance. All statements other than statements of historical fact
are forward-looking statements. The use of any of the words
"anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe", "predict" and "potential" and similar
expressions are intended to identify forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. No assurance
can be given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. These
forward-looking statements are made as of the date of this press
release and the Company does not undertake to update any
forward-looking statements that are contained in this press release,
except in accordance with applicable securities laws.
