Damian Capital Corp.

March 23, 2006 14:24 ET

Damian to Become Investment Company

CALGARY, ALBERTA--(CCNMatthews - March 23, 2006) -

(Not for dissemination in the United States of America)

DAMIAN CAPITAL CORP. (NEX BOARD:DME.H) (the "Corporation") announces that as an initial step towards reactivating on TSX Venture Exchange Inc. ("TSX Venture"), the board of directors has determined it is in the best interests of the Corporation to change its business to become an investment company. In connection therewith, the Board of Directors has approved an investment policy for the Corporation (the "Investment Policy"). Pursuant to the Investment Policy, the principal business activity of the Corporation will be to invest in private and public emerging and established businesses that have the potential to create above average returns in their respective industries. Emerging and established businesses are considered to be those past their initial stage of development. The Corporation will also invest in Capital Pool Companies and NEX listed shell companies without businesses that have experienced management teams with a proven track record in investing in emerging businesses, as these publicly traded vehicles offer a unique opportunity to emerging and established businesses to gain access to the public markets to further fuel their growth.

After the recent shareholders' meeting of the Corporation, the board of directors of the Corporation consists of William L. Hess, Alain Lambert, Danny Dalla-Longa, Douglas M. Stuve and J.R. Scott Pritchard. The officers of the Corporation are Alain Lambert, as President and Chief Executive Officer, and William L. Hess, as Chief Financial Officer and Corporate Secretary.

The Corporation currently has net tangible assets consisting of cash and investments of $625,000. The minimum listing requirements for an investment issuer on TSX Venture require net tangible assets of not less than $2 million, as well as multiple investments. As a result, the Corporation intends to review and pursue potential transactions and investments in order to increase the net tangible assets of the Corporation and may also consider an equity financing.

The Corporation has not yet determined on what basis, if at all, the recently approved proposed consolidation of the common shares of the Corporation will be completed.

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

Contact Information

  • Damian Capital Corp
    Alain Lambert
    President and CEO
    (514) 392-9419