First Growth Completes Sale of WineOnline Marketing


VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2016) -

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

First Growth Holdings Ltd. (TSX VENTURE:FGH) ("First Growth" or the "Company") wishes to announce that, further to the conditional acceptance received by the TSX Venture Exchange on June 15, 2016, the Company has completed the sale of all of the issued and outstanding shares of WineOnline Marketing Company Ltd. ("WineOnline") to 2057611 Ontario Inc. ("2057611").

The Company was previously served with a Petition filed by Ronald Cox, Ann MacMurray Cox and Stone Ledge Holdings Ltd. (the "Petitioners") claiming that the affairs of the Company and conduct of the Company's directors have been exercised in a manner oppressive to them. At that time, the Petitioner also served the Company with a notice of application for an interim injunction to restrain the Company from selling WineOnline. On July 25, 2016, the Petitioners agreed to not proceed with the application for interim injunction order to restrain the Company from selling WineOnline on the condition that the Company pays a holdback of $50,000 (the "Holdback Amount") from the proceeds of sale of WineOnline to the solicitors of the Petitioners. Accordingly, the Company will be paying the Holdback Amount from the proceeds of sale of WineOnline to the solicitors of the Petitioners to satisfy the condition for the Petitioners' agreement not to proceed with the court application.

On October 28, 2016, the Company and the Petitioners agreed to postpone the date of their hearing for the Petition on claims that the affairs of the Company and conduct of the Company's directors have been exercised in a manner oppressive to the Petitioners from October 31, 2016 to no later than March 31, 2017. As a part of the agreement to postpone the hearing date, the Company undertook that it would not take steps to sell other assets outside the ordinary course of business or having a value that exceeds $100,000, or to provide to any person or entity financial assistance from the Company by means of a loan, guarantee or otherwise in excess of $100,000.

About First Growth Holdings Ltd.

First Growth is a Canadian-based company that identifies and develops strong brands in the Canadian and international markets. First growth's 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 its 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.:

- Ting Zhao, Chief Executive Officer

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.

Contact Information:

Corporate Communications
Tel: 778-588-5626
Email: info@firstgrowthholdings.com