First Growth Holdings Ltd.
TSX VENTURE : FGH

First Growth Holdings Ltd.

November 23, 2015 20:30 ET

First Growth Announces Letter of Intent to Sell Subsidiary

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 23, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

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First Growth Holdings Ltd. (TSX VENTURE:FGH) ("First Growth" or the "Company") announces that it has entered into a letter of intent (the "LOI") to sell its Ontario subsidiary WineOnline Marketing Company Ltd. to 2057611 Ontario Inc. for a cash payment of CAD $600,000 and returning for cancellation of approximately 6,500,000 common shares of First Growth currently held by the Bick Group Inc. (the "Proposed Transaction"). 2057611 Ontario Inc. is currently 100% owned by the Bick Group Inc. It is contemplated that immediately after the completion of the Proposed Transaction, Mill Street & Co. Inc. will acquire an equity stake in 2057611 Ontario Inc.

Under the LOI, the parties intend to enter into a definitive agreement on or before November 30th, 2015, unless an extension is agreed upon. The sale of the subsidiary will be subject to regulatory and shareholders' approval.

First Growth is a Canadian-based company that identifies and develops strong brands in the Canadian and international markets. Strong brands have a global reach in today's modern world with the rapid adoption of social media and advancements in technology. First Growth recognizes the potential for certain brands to penetrate international markets and will be focused on developing each one of its brands to its fullest potential.

ON BEHALF OF FIRST GROWTH HOLDINGS LTD.:

Han Liang Pan, Chairman of the Board of Directors

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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