Glacier Ventures International Corp.

Glacier Ventures International Corp.

November 24, 2006 19:30 ET

Glacier Announces Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - The Board of Directors of Glacier Ventures International Corp. ("Glacier" or the "Company") (TSX:GVC) is pleased to announce that Glacier has acquired a 25% interest in Continental Newspapers Ltd. ("Continental").

Continental owns and operates a group of newspapers published in the Okanagan Valley of British Columbia and Thunder Bay, Ontario.

The acquisition cost for the equity interest in Continental was $15.5 million. In connection with the transaction, Glacier issued approximately 5.2 million common shares at a price of $3.00 per share.

The acquisition of the interest in Continental fits with Glacier's strategy of growing through two core segments: 1) the business and professional information sector and 2) the newspaper and trade publication sector.

Glacier's combined daily and community newspaper group offers distribution of more than 1 million copies across B.C., Alberta, Saskatchewan, Manitoba and Quebec. Glacier's trade publication group consists of the largest agricultural publication group in Western Canada, approximately 40 print and online trade magazines published by the Business Information Group, and the Business In Vancouver Media Group. Glacier's business & professional information group includes Specialty Technical Publishers which publishes regulatory & compliance information, CD Pharma Interactive Medical Productions which develops electronic interactive continuing medical education programs for doctors, and a variety of directories, specialty websites and electronic information published by the Business Information Group.

Shares in Glacier can be traded on the Toronto Stock Exchange under the symbol GVC.

About the Company: Glacier Ventures International Corp. is an information communications company focused on expanding across North America through both internal growth and the strategic acquisition of information communications companies that provide essential information and related services through print, electronic and online media.

Forward-Looking Statements

Certain statements in this press release may not be historical and may constitute forward-looking statements reflecting financial performance. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. Glacier assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect Glacier's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.

Contact Information

  • Glacier Ventures International Corp.
    Mr. Orest Smysnuik
    (604) 872-8565