MONTREAL,
Aug. 30, 2013 /CNW Telbec/ -
Mazen Haddad, a director of Buzz
Telecommunications Services Inc. (TSXV: BZZ.H), announces
that he today acquired ownership and control over 6,956,495 common
shares of Buzz Telecommunications, representing approximately 26.1%
of its issued and outstanding common shares. The shares were
acquired pursuant to a share purchase agreement between
Mr. Haddad and Palos Merchant Fund, L.P. for a total purchase
price of $51,696.93 or $0.007 per share. Immediately following the
transaction, Mr. Haddad directly and indirectly owns 6,956,495
common shares or approximately 26.1% of the issued and outstanding
common shares of Buzz Telecommunications, as well as stock
options to acquire 225,000 additional common shares of
Buzz Telecommunications.
Mr. Haddad, who is resident in Monte Carlo, Monaco, acquired the 6,956,495
shares for investment purposes, and in accordance with applicable
securities laws he may, from time to time and at any time, acquire
additional common shares of Buzz Telecommunications and/or
other equity, debt or other securities or instruments of
Buzz Telecommunications in the open market or otherwise, and
he reserves the right to dispose of any or all of his
Buzz Telecommunications securities in the open market or
otherwise at any time and from time to time, and to engage in
similar transactions with respect to the securities, the whole
depending on market conditions, the business and prospects of
Buzz Telecommunications and other relevant factors.
In light of the purchase price when compared to
the market price of Buzz Telecommunications' shares, the purchase
by Mr. Haddad of approximately 26.1% of
Buzz Telecommunications' outstanding shares is an "exempt
take-over bid" under applicable securities laws, and
Mr. Haddad is not required to make the same offer to
Buzz Telecommunications' other shareholders.
SOURCE Mazen Haddad