First Growth Holdings Ltd.
TSX VENTURE : FGH

First Growth Holdings Ltd.

June 06, 2016 13:01 ET

First Growth Provides Update on Agreement to Sell WineOnline Marketing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 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 provide an update on the definitive agreement (the "Agreement") with 2057611 Ontario Inc. ("2057611") for the sale by the Company of all of the issued and outstanding shares of WineOnline Marketing Company Ltd. ("WineOnline") to 2057611 (The sale of the issued and outstanding common shares of WineOnline and related transactions described in the Agreement are referred to as the "Transaction").

The Company has scheduled its annual general and special shareholders' meeting on July 28, 2016 and at this meeting the Company will be seeking approval of the Transaction from the Company's shareholders. Furthermore, the Company was 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 and are being exercised in a manner oppressive to them. The Petitioners sought orders, among other things, to restrain the Company from selling WineOnline or to sell any assets out of the ordinary course of business having value exceeding $100,000. The Petitioner also served the Company with an unfiled notice of application for an interim injunction to restrain the Company from selling WineOnline. The Company does not believe there are any merits to the claims made by the Petitioners and intends to defend the Petition and the application for interim injunction order vigorously.

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.

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