Pisces Capital Corp.
TSX VENTURE : PCP.P

December 20, 2006 15:13 ET

Pisces Capital Announces Qualifying Transaction With Petrolympia Inc.

TORONTO, ONTARIO--(CCNMatthews - Dec. 20, 2006) - PISCES CAPITAL CORP. (TSX VENTURE:PCP.P) ("Pisces"), a capital pool company, is pleased to announce that it has signed an arm's length binding letter agreement (the "Agreement") with Petrolympia Inc. ("Petrolympia") pursuant to which Pisces has agreed to acquire, directly or indirectly, all of the issued and outstanding common shares of Petrolympia. Petrolympia is a private Quebec corporation involved in the exploration of oil and gas in Quebec; it holds more than 97,500 hectares (240,000 acres) of exploration permits in the Appalachian Basin of Quebec, which includes holdings in the Gaspe Peninsula and the St. Lawrence Lowlands. The acquisition of Petrolympia will be Pisces' qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"). In connection with the execution of the Agreement, Pisces has provided a deposit in the amount of $25,000 to Petrolympia, which will become non-refundable upon completion of all necessary due diligence, subject to certain exceptions.

Pisces is currently in the process of preparing a detailed press release regarding this Qualifying Transaction which will satisfy the disclosure requirements of the Exchange.

Trading in the common shares of Pisces will remain halted pending the release of more fulsome disclosure regarding this Qualifying Transaction and the satisfaction of the initial filing requirements of the Exchange and a preliminary review by the Exchange.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and, where applicable, required shareholder approval. There can be no assurance that the Qualifying Transaction will be completed as agreed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pisces Capital Corp.
    Lloyd MacLean
    President, Chief Executive Officer and Director
    (617) 571-9361
    (617) 224-1211 (FAX)
    or
    Pisces Capital Corp.
    James Phillipson
    Chief Financial Officer and Director
    (905) 731-8255
    (905) 731-0641 (FAX)