Glacier Ventures International Corp.

Glacier Ventures International Corp.

July 06, 2005 14:21 ET

Glacier Announces Completion of Private Placement and Acquisition of Madison Publishing


Glacier Ventures International Corp. ("Glacier") (TSX:GVC) is pleased to announce that it has completed its private placement of 8,333,333 common shares at $2.40 per share. The financing was arranged by a syndicate of investment dealers co-led by Raymond James Ltd. and BMO Nesbitt Burns Inc., together with Canaccord Capital Corporation, Sprott Securities Inc. and CIBC World Markets Inc.

The proceeds of the financing are intended to be used for further acquisitions, and will be used to pay down debt in the interim and for general corporate purposes.

Glacier has also completed the acquisition from Madison Venture Corporation and its associates ("Madison") of the controlling shares, interests and assets of the entities that comprise the Madison Publishing Group ("Madison Publishing") held directly or indirectly by Madison.

Madison Publishing is comprised of two operating divisions: 1) the Community Newspaper Group, which publishes community newspapers and related publications in Whistler, Squamish, Lillooet, and the Sunshine Coast (Sechelt and Powell River), which are located in the coastal areas adjacent to Vancouver, British Columbia and 2) the Business in Vancouver Media Group ("BIVMG"), which publishes Business in Vancouver (a weekly business newspaper) and related specialty magazines, the Western Investor (a commercial and industrial real estate publication), the Employment Paper, the Better Business Bureau Pages (a telephone directory) and the Visitor's Choice tourist magazines. The BIVMG publications are primarily based in the Vancouver area, except for the Western Investor which is distributed across western Canada. Madison Publishing had revenue of $14.7 million and normalized EBITDA of $2.65 million for the twelve months ending February 28, 2005.

As a result of the acquisition, Glacier's publications now have a combined distribution of approximately 3.0 million copies.

Madison Publishing fits with Glacier's strategy of expanding in the North American information communications market through two core business segments: 1) the business and professional information market in which Glacier's Specialty Technical Publishers and CD-Pharma Interactive Medical Productions operations compete and 2) the newspaper and trade publication market in which Glacier's Western Producer Publications, Farm Business Communications ("FBC") and community newspaper operations compete.

Glacier expects to have approximately 41.7 million common shares outstanding as a result of the private placement and acquisition. Subject to a final working capital adjustment with respect to the acquisition, additional common shares will be issued.

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 are not 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