Interactive Capital Partners Corporation
TSX VENTURE : HFM.P

May 27, 2011 15:02 ET

Interactive Capital Partners Corporation Completes 2010 Year End Filings and Applies for Listing on NEX

OTTAWA, ONTARIO--(Marketwire - May 27, 2011) -

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Interactive Capital Partners Corporation (the "Company") (TSX VENTURE:HFM.P), a capital pool company under Policy 2.4 of the TSX Venture Exchange ("TSXV"), announced that it has filed its audited annual financial statements for the year ended December 31, 2010, and the accompanying management's discussion and analysis. These filings are available on SEDAR under the profile of the Company at www.sedar.com.

In respect to the forgoing, the Company further confirms that the temporary Cease Trade Orders ("CTOs"), previously issued by the Ontario Securities Commission and British Columbia Securities Commission for failure to file comparative audited Annual Financial Statements for the year ended December 2010 within the prescribed timeframe, have been revoked.

Trading in the common shares of the Company has been suspended by the TSXV since April 1, 2011, for the Company having failed to complete a Qualifying Transaction within 24 months of its listing on the TSXV. The Company has submitted an application to the TSXV for approval to transfer the listing of its common shares to the NEX board of the TSXV, and the reinstatement of the Company's common shares for trading on the NEX. Under TSXV policies, the application also requires the cancelling all the seed capital shares acquired by Non-Arm's Length Parties (as such term is defined under the policies of the TSXV) of the Company, and returning the same to treasury, unless the Non-Arm's Length shareholders approve the cancellation of an amount of seed shares purchased by Non-Arm's Length Parties so that the average cost of the remaining seed shares is at least equal to $0.10. The Company previously received the requisite approval from its shareholders to apply to transfer the listing of its common shares to the NEX board of the TSXV at its annual general and special shareholder's meeting on March 18, 2011. At that meeting, the Non-Arm's Length shareholders of the Company also authorized the cancellation and return to treasury of 1,000,000 seed capital shares held by Non-Arm's Length Parties. Subject to the approval of the TSXV, upon the transfer of the Company's listing to NEX, and the cancellation of the 1,000,000 seed capital shares, it is expected that the Company will have 6,000,000 outstanding common shares.

The Company is currently continuing to pursue and evaluate other businesses and assets with a view to completing a Qualifying Transaction, in accordance with TSXV policies, and will make further announcements with respect to these efforts as soon as practically possible. The Company cannot offer any assurances that a Qualifying Transaction will be completed.

The Company is a capital pool company governed by TSXV policies. The Company's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of TSXV policies. Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

Reader Advisory

This press release contains or refers to forward-looking information, including statements about the application to the TSX Venture Exchange for the listing of the Company on NEX and the cancellation of seed capital shares. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty related thereto.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Interactive Capital Partners Corporation
    Mark Maheu
    President and Chief Executive Officer
    613-794-6963
    613-834-6514 (FAX)
    interactivecpc@gmail.com