Maklyn Venture Capital Corp.

March 23, 2005 16:00 ET

QuStream Corporation Shareholders Approve Amalgamation with Maklyn Venture Capital Corp


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MAKLYN VENTURE CAPITAL CORP.

TSX VENTURE SYMBOL: MAK.P

MARCH 23, 2005 - 16:00 ET

QuStream Corporation Shareholders Approve Amalgamation
with Maklyn Venture Capital Corp

CALGARY, ALBERTA--(CCNMatthews - March 23, 2005) -

Not for dissemination in the United States of America

Maklyn Venture Capital Corp. ("Maklyn") (TSX VENTURE:MAK.P) today
announced that the shareholders of QuStream Corporation ("QuStream")
unanimously approved the terms of the non-arm's length formal
amalgamation agreement (the "Amalgamation Agreement") between QuStream
and Maklyn, pursuant to which Maklyn and QuStream have agreed to
amalgamate (the "Business Combination") to form a new company to be
called QuStream Corporation ("NewCo"). QuStream is a private company
based in Toronto, Ontario that through its wholly-owned subsidiary, PESA
Switching Systems, Inc. ("PESA"), designs, develops and distributes
router switching technology for the broadcasting industry, professional
television and the Pro audio visual industries.

The Business Combination is expected to constitute a Qualifying
Transaction of Maklyn as defined in Policy 2.4 of the TSX Venture
Exchange Inc. ("TSX Venture") Corporate Finance Manual.

The completion of the Business Combination is subject to the approval of
TSX Venture and all other necessary regulatory approval, including from
the Autorite des marches financiers (Quebec). The completion of the
Business Combination is also subject to additional conditions precedent,
including shareholder approval of Maklyn under applicable corporate law
and certain other conditions.

As indicated above, completion of the Business Combination is subject to
a number of conditions, including but not limited to, TSX Venture
acceptance and shareholder approval. The Business Combination cannot
close until the required approvals are obtained. There can be no
assurance that the Business Combination will be completed as proposed or
at all.

Investors are cautioned that, except as disclosed in the Information
Circular of Maklyn to be prepared in connection with the Business
Combination, any information released or received with respect to the
Business Combination may not be accurate or complete and should not be
relied upon. Trading in the securities of Maklyn should be considered
highly speculative.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Maklyn Venture Capital Corp.
    Howard G. Sutton
    President
    (416) 368-1024
    or
    QuStream Corporation
    Fred Godard
    President and Chief Executive Officer
    (416) 904-5458
    The TSX Venture Exchange Inc. has in no way passed upon the merits of
    the Business Combination and has neither approved nor disapproved the
    contents of this press release.