September 27, 2007 12:58 ET

Peterborough Capital Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2007) - Peterborough Capital Corp. (TSX VENTURE:PEC), ("Peterborough") would like to provide an update on recent developments of the corporation.

On April 2006 the Company had entered into a letter of Intent whereas the Company intended to acquire all of the issued and outstanding shares of Erablo Inc., and all of the Patents and Trade Marks from Mr. Yvan Guyon for its recently developed maple beverage products. The Company has not been able to satisfy itself with the due diligence and has terminated the letter of intent.

The Company subsidiary "Greatwater" has also settled an outstanding claim with one of its suppliers whereas it will pay an amount of $12,000 and receive from the supplier its label inventory in the amount of $6,800 plus an amount for returned product.

With regards to the statement of claim filed earlier against the Company in May 2007 from its former subsidiary (see press release dated July 19th, 2007). We would like to inform the readers that the Company continues to pursue all liability and allegations and views the claim is without merit and will pursue the allegations aggressively.

The Company as been named in a lawsuit where the plaintiff, Billingtons Publications Inc., is claiming an amount of $18,000 for investor relations services allegedly provided to the Company. The Company denies retaining the plaintiff for any services, denies the plaintiff's claims and allegations and considers this claim to be entirely without merit and it will be defending the claim aggressively.

The Company has been pursuing opportunities that will compliment the existing core business and help increase the sales of its custom labeled bottled water but there are no assurance that the Company may find such opportunities. In addition, the Company continues to seek additional financing to carry out its operations and to discharge some of its obligations. The Company continues to rely on short term loans from some of the directors and third parties. "We continue our discussions with a number of possible investors for the financing of the Company and we are also pursuing factoring our receivables", Mr. Dumas stated. "However, there can be no assurance that such financing agreement under reasonable terms can be reached."

Peterborough, through its wholly owned subsidiary is a supplier of custom labeled bottled water throughout North America. Peterborough Capital Corp. is a reporting issuer in British Columbia and Alberta, Canada and publicly trades under the symbol PEC on the TSX Venture Exchange.

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

Contact Information

  • Peterborough Capital Corp.
    Paul A. Dumas
    (604) 535-1404
    (604) 535-6057 (FAX)
    Peterborough Capital Corp.
    Unit 116 - 2677 192nd Street
    Surrey BC, V3S 3X1