Urban Select Capital Corp has agreed to acquire a 51 percent interest in Luxy Easy Travel Ltd, a Vancouver-based marketplace for members to discover vacation homes, theme tours and customized travel services. Urban Select will acquire the stake in exchange for $100,000 and company shares valued at $665,000. Based in Vancouver, Urban Select is a provider of growth capital to private and public companies in a range of industries.
Urban Select Capital Announces LOI With Luxy Easy Travel Ltd. and Loan Agreement
VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 26, 2016) – Urban Select Capital Corp. (TSX VENTURE:CH) announced today that it has entered into a non-binding Letter of Intent (“LOI”) with Luxy Easy Travel Ltd. to acquire a controlling position in the company upon entering into a definitive agreement, as of April 16, 2016.
Luxy Easy Travel Ltd., (“Luxy Easy”) based in Vancouver, Canada, is a membership-based community marketplace for its clients to discover the best vacation homes, theme tours and customized travel services worldwide. Luxy Easy provides a trusted platform for property owners to expand their seasonal rental business worldwide offering them access to a captive, upscale, conscientious clientele. Whether an apartment for a night, a villa for a week or a castle for a month, Luxy Easy connects its members to world-class, unique, accommodations and travel experiences. Luxy also provides a world-class concierge service available 24/7 to its growing community of members, Luxy Easy is a trusted and convenient way for travelers to access unique accommodations and travel experiences. Luxy allows luxury property owners to rent their special accommodations to a select and curated audience.
Under the terms of the LOI, Urban Select will acquire a 51% interest in the issued and outstanding shares of Luxy Easy in exchange for $100,000 and common shares in Urban Select valued at $665,000. The terms of the acquisition are pending a review by the TSX Venture Exchange, the presentation of audited financial statements and the completion of due diligence from both parties involved in the transaction.
Further, Urban Select Capital announced that it has entered into a Loan Agreement (“Loan Agreement”) in which it shall borrow $300,000 from a strategic investor. Interest will accrue on the principal amount at the rate of 5% per annum, compounded monthly, not in advance and payable 12 months from when the loan is drawn down by Urban Select Capital. The loan will be used by Urban Select Capital for investments in certain projects and companies that have been identified as accretive to the company.
About Urban Select Capital Corporation
Urban Select Capital Corporation is a TSX Venture Exchange listed investment issuer focused on investing growth capital into private and public companies in a broad range of sectors including consumer retail services, healthcare services, entertainment, media, art and leisure companies and fashion. Urban Select’s management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.
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.
Urban Select Capital Corporation
Chief Financial Officer
Photo courtesy of Luxy Easy Travel Ltd