Magnotta Winery Corporation

Magnotta Winery Corporation

March 01, 2010 09:29 ET

Magnotta Winery Corporation Announces Changes to its Board of Directors

VAUGHAN, ONTARIO--(Marketwire - March 1, 2010) - Magnotta Winery Corporation (TSX:MGN), announces the following changes to its Board of Directors.

Mr. Bruce Fraser, CA has been on the Board of Directors since 1996 and is retiring. Rossana Magnotta, Chief Executive Officer and President of Magnotta Winery Corporation said, "Bruce is 76 and we respect his desire to retire. He has made great contributions to the Board of the Company, especially in the areas of administration and governance. We thank him for his contributions over the last 14 years and we wish him well in his retirement."

Mr. Lou Martins has been appointed to the Board effective immediately. He has had a long career in business, many of them working as a senior management officer for a major Canadian Bank. Rossana Magnotta said, "We believe that Lou's background in business and banking will complement the existing skills of our board and we look forward to working with him at the Board level."

The Company would also like to announce the passing, on December 30, 2009, of Mr. Gabe Magnotta, co-founder. He was a director and executive Chairman of the Company until his retirement in June 2009. The Company is deeply saddened by this loss and expresses its condolences to the Magnotta family.

The common shares of Magnotta trade on the TSX under the symbol "MGN".

Readers are cautioned that some of the statements contained in this release may be forward-looking statements, such as expectations, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition to exist or occur. Generally, these forward-looking statements can be identified by the use of terminology such as "outlook", "anticipate", "believe", "estimate", "expect", "intend", "should", and similar expressions. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ from those currently anticipated in such statements by reason of factors such as, but not limited to, changes in general economic and market conditions. Magnotta disclaims any intention or obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or results, or otherwise.

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