VU Virtual Universe Corporation

EDMONTON, Feb. 24, 2012 /CNW/ - Virtual Universe Corporation (the "Company") , announced today that it has entered into a non-binding Memorandum of Understanding ("MOU") with 1596598 Alberta Ltd. ("1596598") to enter into a definitive agreement for the Company to provide 1596598 with an Indefeasible Right of Use ("IRU") to its fibre optic cable assets for term of 15 years. If a definitive agreement as proposed under the MOU is entered into, it will provide the Company with revenue from its fibre optic cable assets in the amount of $150,000 per annum plus recovery of certain operating expenses. Under the terms of the MOU, the parties have agreed to use reasonable efforts to complete the definitive agreement by March 15, 2012. The Company has two principal areas of interest. It owns and maintains an IRU in two dark strands of optical fibres in Alberta, Canada, and has proprietary technology called Virtual Talker, which allows multiple participants to engage in real-time verbal conversations over the internet. 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. Virtual Universe Corporation CONTACT: Virtual Universe CorporationLorn Becker - President and CEOTelephone: (780) 469-7477

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