FMX Ventures Inc. formerly Footmaxx Holdings Inc.
TSX VENTURE : FMX

FMX Ventures Inc. formerly Footmaxx Holdings Inc.

November 09, 2007 10:02 ET

Footmaxx Announces Completion of Sale of its Assets

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - Footmaxx Holdings Inc. (TSX VENTURE:FMX) announced today that it has completed the previously announced sale by the Company and its subsidiaries 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 proceeds from the asset sale have been applied primarily to retire the Company's outstanding debentures and to satisfy costs associated with the transaction.

As a result of the sale transaction, the Company no longer has any substantive assets or active business operations and will be changing its name to "FMX Ventures Inc.". Consequently, trading of the Company's shares has been halted on the TSX Venture Exchange ("Exchange"), and subject to the final approval of the Exchange, is expected to resume on the NEX trading board of the Exchange upon completion of the proposed name change.

The Company intends to explore potential alternatives to maximize the value of its listing and its accumulated tax losses. However, there can be no assurance that any viable alternatives will be identified or that a transaction will be completed, whether in the foreseeable future or at all.

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.

Footmaxx produces and globally markets high quality, state-of-the-art orthopaedic devices and products. Footmaxx's diagnostic system and proprietary software provides detailed information which enable clinicians to further evaluate patients for certain for knee, hip, lower back and bio-mechanical problems. For more information on Footmaxx visit: www.footmaxx.com.

Number of Common Shares issued to date - 41,131,205

Contact Information