Groupe Bikini Village inc.
TSX : GBV

Groupe Bikini Village inc.

July 09, 2010 13:29 ET

Groupe Bikini Village Inc. Announces the Record Date for its Rights Offering

SAINTE-JULIE, QUEBEC--(Marketwire - July 9, 2010) - Groupe Bikini Village inc. (TSX:GBV) ("Groupe Bikini Village" or the "Company") today announced that it has fixed the record date for its previously-announced offering of rights (the "Offering") and will mail to its holders of common shares a rights offering circular (the "Circular") in connection with the Offering.

Under the Offering, each registered holder of the Company's common shares ("Shares") as of July 19, 2010 will receive one right (a "Right") for each Share held. Four Rights plus the sum of $0.03 (the "Subscription Price") are required to subscribe for one Share (the "Basic Subscription Privilege"). The Rights will expire at 4:00p.m. (Montreal time) on August 13, 2010, after which unexercised Rights will be void and without value. The Rights will be listed on the Toronto Stock Exchange and cease trading at 12:00p.m. (Montreal time) on August 13, 2010.

This press release should be read together with, and is qualified in its entirety by the more detailed information contained in the Circular, which is available on SEDAR at www.sedar.com.

About Groupe Bikini Village

Groupe Bikini Village inc., serving Canadians for almost a quarter-century, is a leading swimwear retailer with a network of new and renovated boutiques across Eastern Canada. In its bright and inviting stores with comfortable change rooms and knowledgeable staff, Groupe Bikini Village helps its customers choose from among Canada's widest selection of swimsuits, beach accessories, and cruisewear, in the most popular brands the industry has to offer and in styles to suit every figure. The newest addition to its retail network, Lanaï, offers the most popular clothing brands for young girls in Brossard, Quebec. Headquartered in Sainte-Julie, Quebec, Groupe Bikini Village inc. operates 62 stores and employs approximately 500 people; its securities trade on the Toronto Stock Exchange under the stock symbol GBV. For more information about Groupe Bikini Village inc., please visit our website at www.bikinivillage.com.

Forward-looking statements

Forward-looking statements included or incorporated by reference in this news release include statements with respect to the Offering's proceeds. Although the Company believes the expectations reflected in those forward-looking statements are based on reasonable assumptions, they can give no assurances that these expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) the Guarantor will fulfill its undertaking to subscribe for all Shares not otherwise subscribed for on the exercise of Rights and (ii) the Offering will receive all required regulatory approvals to proceed. Factors that could cause actual results to differ materially from expectations include (i) the Guarantor's inability or unwillingness to fulfill its contractual obligations, in whole or in part and (ii) the failure of the regulatory authorities to approve the Offering, or their refusal to grant that approval on conditions that the Company's directors deem acceptable. These factors and others are more fully discussed in the Company's filings with the Canadian securities regulatory authorities, including its annual information form for the financial year ended January 30, 2010 and available at www.sedar.com.

Contact Information

  • Groupe Bikini Village inc.
    Yves Simard
    President and Chief Executive Officer
    450-449-1310 ext 4797
    ysimard@bikinivillage.com