CPVC Bromont Inc.
TSX VENTURE : BBB.P

November 22, 2007 13:36 ET

CPVC Bromont Inc. Completes Initial Public Offering

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

CPVC Bromont Inc. ("CPVC Bromont" or the "Corporation") (TSX VENTURE:BBB.P) is pleased to announce that it has completed its initial public offering as a capital pool company ("CPC").

The Corporation completed an initial public offering of 1,000,000 common shares in the capital of the Corporation ("Common Shares") at a price of $0.25 per Common Share for gross proceeds to the Corporation of $250,000. Integral Wealth Securities Limited acted as agent in respect of the offering and received a cash commission. The agent also received an aggregate of 100,000 agent's options exercisable at a price of $0.25 per share until November 20, 2009.

The Corporation now has 1,960,000 Common Shares outstanding, with CPVC Financial Corporation (TSX-V: LHB) holding 800,000 Common Shares and the directors of CPVC Bromont holding an aggregate of 160,000 Common Shares. The directors and officers of CPVC Bromont, in aggregate, also hold 196,000 incentive stock options exercisable at a price of $0.25 each for a period of five years.

The directors and officers of CPVC Bromont are William L. Hess, Alain Lambert, Ronald Keenan and C. Lal Narang.

CPVC Bromont is the sixth CPC project sponsored by the Canadian Public Venture Capital Group ("CPVC Group"), which includes Messrs Lambert, Hess, Robert E. Brown and Chahram Bolouri. Earlier projects include Allen - Vanguard Corporation (TSX: VRS), Prestige Telecom Inc. (TSX-V: PR) and CPVC Financial Corporation (TSX-V: LHB).

Mr. Hess is the President, Chief Executive Officer, Chief Financial Officer, Secretary and a director of CPVC Bromont and Chairman of the CPVC Financial Corporation. Previously, Mr. Hess was the President and Chief Executive Officer of the Canadian Venture Exchange (now TSX Venture Exchange Inc. ("TSX-V")) and was also the Chairman and Chief Executive Officer of the Alberta Securities Commission. Mr. Hess is currently a director of several public companies including La Mancha Resources Inc and Canext Energy Ltd.

Mr. Lambert is a director of CPVC Bromont and is President and Chief Executive Officer of CPVC Financial Corporation. Mr. Lambert has considerable experience in the CPC market, acting as a director and officer of several CPCs over the last fifteen years, as well as acting as director of several public companies that originated as CPCs and as advisor to companies going public through CPCs. Mr. Lambert is also currently a director of Exeltech Aerospace Inc, a public company traded on the TSX-V.

Mr. Keenan is a director of CPVC Bromont. Mr. Keenan was the Sales & Marketing Manager, Eastern Canada of Newalta Industrial Services Inc, a wholly owned subsidiary of Newalta Income Fund from February 2006 to February 2007 and has been Regional Manager, Quebec of Newalta Income Fund, an industrial waste management and environmental services company listed on the Toronto Stock Exchange, since February 2007. Mr. Keenan also held various managerial positions with Safety-Kleen Inc. from 1990 to 2002 and has held officer positions with various private companies. Mr. Keenan is also currently a director of CPVC Financial Corporation.

Mr. Narang is a director of CPVC Bromont. Mr. Narang has also been the President of Capital Leasing Investment Corp., a private investment company, since May, 1989 and Capri Capital Corp., a private company since May, 1995. Mr. Narang has acted as a director and /or officer for various public companies. Mr. Narang is also currently a director of Canext Energy Ltd. and Production Enhancement Group Inc.

The common shares of CPVC Bromont will commence trading Thursday, November 22, 2007 on the TSX-V, under the stock symbol "BBB.P".

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • CPVC Bromont Inc.
    William L. Hess QC
    President and Chief Executive Officer
    (514) 395-1420
    (514) 395-1744 (FAX)
    Email: bhess@cpv-group.com