GVIC Publications Ltd.

April 30, 2007 16:20 ET

GVIC Announces Completion of Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 30, 2007) - GVIC Publications Ltd. ("GVIC" or the "Company") reports that the previously announced agreement with Glacier Ventures International Corp. ("Glacier") whereby Glacier agreed to sell substantially all of its assets to GVIC in exchange for GVIC non-voting shares and a note payable has now been completed.

The transaction values the Glacier assets at $325 million net of debt outstanding and GVIC at $9.5 million. Under the transaction, GVIC has assumed all liabilities of Glacier related to the Glacier assets including any indebtedness for borrowed money. The board of directors of GVIC established an independent committee to negotiate the terms of the transaction with Glacier and to agree to the relative values of Glacier and GVIC. The independent committee also obtained a fairness opinion for the transaction.

More detailed information regarding GVIC's newly acquired business is contained in the information circular that was mailed to shareholders for the Company's annual meeting to be held on May 18, 2007.

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, including that the proposed transactions described herein may not complete. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. GVIC assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect GVIC's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.

Contact Information

  • GVIC Publications Ltd.
    Mr. Orest Smysnuik
    (604) 708-3264