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| | December 31, 2009
Radar Acquisition Corp. Update on Reverse Take-Over and Concurrent Financing
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| | Calgary, AB -- December 31, 2009 -- Radar Acquisitions Corp. ("Radar" or the "Company") (TSXV: RAC) is pleased to provide an update to its Reverse Take-Over and Concurrent Financing transaction previously announced on December 2, 2009.
The parties to the transaction, Radar and the vendors, are pleased with the progress made to date and, while some delay has been incurred, continue to work towards a definitive purchase agreement (a "Definitive Agreement"). The parties are currently also focused on completing due diligence, progressing the concurrent financing and finalizing the engagement of a sponsor for the transaction.
The entry into a Definitive Agreement is subject to a number of conditions, including, but not limited to: (i) the terms and conditions of the Definitive Agreements being mutually satisfactory to the parties to it including Radar; (ii) unanimous approval by the board of directors of Radar to the Transaction and to the form of the Definitive Agreement; (iii) the parties satisfactorily conducting and completing their investigations and due diligence with respect to each other party and their respective assets and businesses; and (iv) compliance with all applicable securities and corporate laws including reverse take-over and other policies of the TSXV.
Trading of Radar's common shares will remain halted in accordance with TSXV policies until all required documentation with respect to the Transaction has been received by the TSXV, including receipt of a sponsorship acknowledgement form with respect to a sponsor for the transaction.
Further Information
For further information regarding the contents of this news release please contact:
Radar Acquisitions Corp.
Tim Bergen
President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
E-mail: tbergen@radar.ab.ca
OTHER INFORMATION
Completion of the Transaction is subject to a number of conditions, including the execution of Definitive Agreements, successful completion of due diligence, disinterested Shareholder approval and TSX Venture Exchange acceptance,. The transaction cannot close until the required Shareholder approval and TSX Venture Exchange acceptance 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 Information Circular 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 Radar should be considered highly speculative.
The TSX Venture Exchange 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 the 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom. |
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