"We came across an option that management and the board of directors felt was in the best interest of the Oculus and its shareholders and other stakeholders," said chief executive John Gabriel in an OBJ interview.
"This option included potentially bringing on new management, and additional funds to help the company’s efforts to find and close a qualifying transaction."
The move is subject to regulatory approval and "customary closing conditions, some of which are outside the control of the company," Oculus stated.
Oculus currently has no operations other than its efforts towards completing a qualifying transaction.
Following an acquisition failure during the summer, Oculus stated it was running low on cash. It faced delisting from the Toronto Stock Exchange venture index and in response, switched its shares to the NEX stock exchange.
"We completed our diligence on Powerbase Energy Systems. We went through the process of getting a letter of intent put together, we put a definitive agreement together, and unfortunately given the market environment fundraising wasn’t completed and the parties terminated the proposed acquisition," Mr. Gabriel said.
"The management and the board of directors of Oculus Ventures Corporation have worked hard since last summer to explore strategic alternatives for the company," Mr. Gabriel added, "and has found a potential transaction that the board of directors believes is in the best interest of Oculus and its shareholders and other stakeholders."
By January, the Ottawa firm announced a proposed move to British Columbia share consolidation and also said it would increase its board of directors to six people from four, should the measures pass shareholder approval.
Oculus further stated in January that it planned a private placement for $700,000 following the share consolidation. The status of that placement is still under wraps.
The firm underwent a $400,000 IPO under venture capital firm BBG Equity in 2008, which had Oculus Ventures as a shell capital pool company.
Oculus' proposed new location in British Columbia has not been announced.
