Rampart Mercantile Inc.

October 21, 2008 15:12 ET

Rampart Mercantile Sells Interest in Subsidiary for $2 Million Dollars

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2008) - Rampart Mercantile Inc. (the "Company") is pleased to announce that it has sold its wholly owned subsidiary, Rampart Securities Inc. and has also sold and assigned its interest in the Subordinated Loans owing to the Company by Rampart Securities Inc. of approximately $10.3 Million to Mr. Robert Salna for $2.0 Million Dollars. Rampart Securities Inc. became bankrupt on October 31, 2001.

The sale price is to be satisfied by immediately reducing the debt owed to Mr. Salna by the Company by $930,000. The debt is covered by a promissory note and is in respect of advances made by Mr. Salna to the Company. The balance of $1,070,000 shall be paid by Mr. Salna on January 15th, 2009 either by the payment of cash or at Mr. Salna's sole discretion, the reduction of the sum owed to him by the Company under a secured Debenture he holds of approximately $3,990,000.

The Company is currently insolvent and does not have any definitive plans in place for the operation of the business going forward. The securities of the Company will not trade on any published market in the near future; however, it is the intention of management of the Company to investigate opportunities going forward.

Contact Information

  • Rampart Mercantile Inc.
    Dominique P. Monardo
    President and Chief Financial Officer
    (416) 744-7405
    Email: dmonardo@rogers.ca