GVIC Communications Inc.

Glacier Ventures International Corp.

Glacier Ventures International Corp.

December 28, 2006 16:23 ET

GVIC and Glacier Announce Completion of Arrangement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 28, 2006) - The Boards of Directors of GVIC Communications Inc. ("GVIC") and Glacier Ventures International Corp. ("Glacier") (TSX:GVC) are pleased to announce that GVIC and Glacier have completed a plan of arrangement (the "Arrangement") among GVIC, GVIC's shareholders and Glacier.

Pursuant to the requirements of the Canada Business Corporations Act, the Arrangement was approved by over 99% of the votes cast by holders of GVIC voting shares and non-voting shares and in accordance with requirements of Ontario Securities Commission Rule 61-501 and Regulation Q-27 of l'authorite des marches financiers, by a majority of minority shareholders of GVIC, each voting separately as a class at a special meeting of the shareholders of GVIC held on December 27, 2006. The Supreme Court of British Columbia approved the Arrangement on December 28, 2006.

Under the terms of the Arrangement, Glacier has acquired all of the issued and outstanding shares of GVIC held by minority holders of GVIC in exchange for common shares of Glacier. Each share of GVIC was exchanged for 0.0429 common shares of Glacier. Glacier and GVIC encourage those shareholders of GVIC, who have not yet done so, to tender their shares of GVIC, along with a completed letter of transmittal to Computershare.

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

About GVIC: GVIC Communications Inc. is an information communications company focused on the provision of essential information and related services.

About Glacier: 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, including the risk that there is no assurance that the transactions contemplated by the Arrangement will be completed as proposed or at all. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. Glacier and GVIC assume no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect Glacier's and GVIC's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities. Investors are cautioned that, except as disclosed in the management information circular to be prepared and sent to GVIC shareholders in connection with the Arrangement, any information regarding the Arrangement may not be accurate or complete and should not be relied on.

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

Contact Information

  • GVIC / Glacier
    Mr. Orest Smysnuik
    (604) 872-8565