Beaumont Select Corporations Inc.

May 05, 2008 09:00 ET

Beaumont Select Corporations Inc. Completes Sale of Food Products Assets in British Columbia

CALGARY, ALBERTA--(Marketwire - May 5, 2008) - Beaumont Select Corporations Inc. ("Beaumont") (TSX VENTURE:BMN.A) announced today as part of its restructuring efforts that it completed the sale, through its wholly owned subsidiary Mrs. Willman's Baking Limited ("Mrs. Willman's"), of its food products assets in British Columbia and its related business to a third party purchaser. Mrs. Willman's business in British Columbia consisted of the production, wholesale and distribution of food products. The purchase price for the assets was $1,300,000, subject to working capital adjustments, paid in cash and by way of an interest bearing promissory note in the principal amount of $300,000. Mrs. Willman's also received a 2.5% royalty on net sales of the product line to existing customers for a period of 10 years from the closing date. The royalty is payable annually and will cease once aggregate payments reach $700,000.

Beaumont is a management corporation, which manages investments in the food processing and real estate industries as well as in a portfolio of marketable securities. Beaumont's Class A common shares trade on the TSX Venture Exchange under the symbol "BMN".

The TSX Venture Exchange Does Not Accept Responsibility for the Adequacy or Accuracy of This Release.

Contact Information

  • Beaumont Select Corporations Inc.
    Winston Ho Fatt
    Chairman and Chief Executive Officer
    (403) 250-8757
    (403) 250-8709 (FAX)