GVIC Publications Ltd.

March 29, 2007 20:45 ET

GVIC Announces Proposed Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2007) - GVIC Publications Ltd. ("GVIC" or the "Company") announced that it has entered into an agreement with Glacier Ventures International Corp. ("Glacier") whereby Glacier will sell substantially all of its assets to GVIC in exchange for GVIC non-voting shares and a note payable. The acquisition is subject to Glacier shareholder approval, regulatory approval and the approval of Glacier's senior lenders.

The proposed transaction values the Glacier assets at $325 million net of debt outstanding and GVIC at $9.5 million. Under the transaction, GVIC will assume 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.

The transaction is expected to be completed on April 30, 2007 if Glacier shareholder approval and other approvals to the transaction are obtained.

More detailed information regarding Glacier's business will be provided in the information circular that is being mailed to shareholders for the Company's annual meeting to be held in May 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