FMX Ventures Inc. formerly Footmaxx Holdings Inc.
NEX BOARD : FMX.H

FMX Ventures Inc. formerly Footmaxx Holdings Inc.

February 16, 2009 08:30 ET

FMX Ventures Inc. Announces Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2009) - FMX Ventures Inc. (the "Company") (NEX BOARD:FMX.H) announced today it will hold a special meeting of shareholders at 11:00 a.m. on Thursday, March 26, 2009 (the "Meeting") at the offices of Wildeboer Dellelce LLP, Suite 800, Wildeboer Dellelce Place, 365 Bay Street, Toronto, Ontario, to approve the voluntary dissolution of the Company and the delisting of the Company's shares from the NEX trading board of the TSX Venture Exchange (the "NEX").

In November, 2007 the Company completed the sale of substantially all of the assets utilized in carrying on its orthotics business for aggregate cash consideration of $16,300,000 and the assumption of obligations related to the Company's business (the "Sale"). The proceeds from the Sale were applied primarily to retire the Company's outstanding debentures and to satisfy costs associated with the transaction.

As a result of the Sale, the Company no longer had any substantive assets or active business operations and changed its name from "Footmaxx Holdings Inc." to "FMX Ventures Inc.". Consequently, trading of the Company's shares was halted on the TSX Venture Exchange, and resumed trading on the NEX upon completion of the name change.

Since completion of the Sale, the Company's management has been diligently exploring potential alternatives to maximize the value of its listing, including a potential merger, amalgamation or business combination in order to utilize its accumulated tax losses. Despite management's best efforts, to date no viable alternatives have been identified and the Company has limited cash available to maintain its status as a public company.

The Board of Directors of the Company has therefore determined that it is in the best interests of the shareholders to voluntarily dissolve the Company and to apply to delist its shares from the NEX. The shareholders will be asked at the Meeting to: (i) approve the voluntary dissolution of the Company; and (ii) if such resolution is passed, to approve the delisting of the Company's shares from the NEX. Full particulars concerning the special business to be considered at the Meeting will be contained in the Company's management information circular which will be mailed in early March, 2009.

Forward-looking Statements

This release may contain projections and other forward-looking statements regarding future events. Such statements are predications involving known and unknown risks, uncertainties and other factors that may cause the actual events or results to be materially different. Although the Company believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the Company's expectations are correct. For information concerning factors affecting the Company's business, the reader is referred to the documents that the Company files from time to time with applicable Canadian securities and regulatory authorities.

Number of Common Shares issued to date - 39,342,894

Contact Information