Virtual Universe Corporation announced that it has sold the VU.COM domain name and the website for $700,000 to Mortgage Research Center LLC on November 9,2011 .

You can read the press release after the jump :

“Virtual Universe Corporation  (the “Company”) (TSXV-VU), announced today that it has agreed to sell its entire right, title and interest in the domain name VU.COM, together with any unregistered trade-mark rights resulting from the Company’s use of such domain name (the “Domain Name”) to Mortgage Research Center LLC for $700,000 USD (the “Sale”).

The Company will retain all right, title, and interest in and to the materials on the website located at the Domain Name as of the effective date of the Sale (the “Website”) including all copyrights to webpages designed for the Website, page layouts for the Website, all graphics used at the Website, all databases generated for the Website, and all banner advertisements for the Website. The Company will move its existing web presence to a new domain, VUCORP.CA.

Pursuant to the terms of the Domain Name Purchase Agreement dated November 9, 2011, the Company may still create other websites for its use similar to the Website as the Sale pertains only to the Domain Name.

The Company has two principal areas of interest. It owns and maintains an indefeasible right of use in two dark strands of optical fibers in Alberta, Canada and is exploring options for future revenues from the asset.  In addition, the Company has proprietary technology called Virtual Talker, which allows multiple participants to engage in real-time verbal conversations over the internet. The Company has suspended development and marketing of the Virtual Talker product line due to lack of financial resources. ”