Calotto Capital Inc.

June 27, 2008 14:13 ET

Calotto Capital Inc. Releases First Quarter 2009 Financial Results And Updates Proposed Qualifying Transaction With Meikle Group Inc.

TORONTO, ONTARIO--(Marketwire - June 27, 2008) -


Calotto Capital Inc. (TSX VENTURE:TTO.P) announced that it released its financial results for the first quarter ended April 30, 2008.

The full text of the unaudited interim financial statements is included with the Company's Quarterly Report posted on the SEDAR website at

The Company continues to make substantial progress towards completing the previously announced Qualifying Transaction with Meikle Group Inc. "We are pleased with the progress that we have made to date towards closing the proposed deal with Meikle Group Inc." stated Mr. Dean Gendron, President and CEO of Calotto Capital Inc. "Our management and that of Meikle Group Inc. are focused on working together to successfully complete the transaction in a timely manner. Meikle Group Inc. is a substantial company with a world class reputation in the design, manufacturing, installation and support of automation solutions for leading global manufacturers. Meikle's leadership team has developed a highly diversified, international client base in high growth industry sectors, including the rapidly emerging solar energy industry. We believe that we have found a very solid company as the proposed Qualifying Transaction for Calotto."

Subsequent to quarter end, on June 11, 2008 the Company issued a Press Release announcing that it signed a non-binding letter of intent dated June 9, 2008 to enter into an amalgamation agreement with Meikle Group Inc., a private company based in Kitchener, Ontario. The proposed transaction between the Company and Meikle Group Inc. will serve as the Company's qualifying transaction pursuant to Policy 2.4 of the TSX Venture Exchange. The Transaction, being an arm's length transaction, is not expected to be subject to the approval of the shareholders of the Company but will be subject to a number of conditions as described in the Press Release. The full Press Release is available on the SEDAR website at

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the intention to complete the public offering and the Qualifying Transaction. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of the Company to obtain necessary financing; satisfy conditions under the amalgamation agreement; satisfy the requirements of the Exchange with respect to the Qualifying Transaction or the public offering or the level of activity in Meikle Group Inc.'s business and the economy generally; competition; and anticipated and unanticipated costs. The factors identified above are not intended to represent a complete list of the factors that could affect the Company. Completion of the transaction is subject to a number of conditions. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular and prospectus to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Investors are cautioned that trading in the securities of a capital pool company should be considered to be highly speculative. Calotto Capital Inc. is a capital pool company governed by the policies of TSX VENTURE. Its principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

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

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