Mazen Haddad Acquires Shares of Buzz Telecommunications Services Inc.

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

Copyright 2013 Canada NewsWire