Glacier Ventures International Corp.

Glacier Ventures International Corp.

March 24, 2006 14:56 ET

Glacier Announces Equity Investment in GVIC Publications Ltd.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 24, 2006) - The Board of Directors of Glacier Ventures International Corp. ("Glacier" or the "Company") (TSX:GVC) is pleased to announce that its wholly-owned subsidiary 0747036 B.C. Ltd. ("0747036") has acquired approximately 94.9% of the equity of GVIC Publications Ltd. (formerly Stressgen Biotechnologies Corporation) ("GVIC Publications").

Under the transaction, GVIC Publications received shareholder and regulatory approval to be restructured under a plan of arrangement (the "Arrangement") whereby a) all of GVIC Publication's assets and liabilities were transferred to a new biopharmaceutical company that will carry on the former business carried on by Stressgen Biotechnologies Corporation, and b) 0747036 acquired 5,838,284 Class B Voting Shares and 237,178,557 Class C Non-Voting of GVIC Publications, representing approximately 40% of the Class B Voting Shares, 98.19% of the Class C Non-Voting Shares and 94.9% of the equity in GVIC Publications for $9.25 million. 0747036 and Glacier have no interest in the new biopharmaceutical company.

GVIC Publications will now focus on acquiring one or more businesses operating in the information communications sectors. GVIC Publications will seek to raise capital as required to finance such acquisitions.

Glacier acquired the shares of GVIC Publications for investment purposes.

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