SIPAR INC.

SIPAR INC.

November 18, 2005 17:00 ET

Reduction of Participation of SIPAR in Group Bikini Village

MONTREAL, QUEBEC--(CCNMatthews - Nov. 18, 2005) - SIPAR Inc. ("SIPAR") announces a reduction of participation on which it has control as portfolio manager of Groupe Bikini Village Inc. ("Bikini Village"), formerly Groupe Les Ailes de la Mode Inc. This reduction of participation concerns 666,000 common shares and 1,166,000 warrants of which 666,000 of these warrants entitle its holder to acquire 666,000 common shares of Bikini Village, at a price of $0.60 per a share for the first year and of $0.70 per a share for the second year, and 500,000 warrants entitling its holder to acquire 500,000 common shares of Bikini Village, at a price of $0.27.

Following this reduction of participation, SIPAR has control over approximately 7.08% of the current issued and outstanding common shares of Bikini Village. If SIPAR were to exercise its privilege with respect to all the remaining warrants and convertible debenture it still holds, the participation of SIPAR would represent approximately 13% of the outstanding common shares of Bikini Village, on a partially diluted base.

This reduction of participation on which SIPAR has the control has been solely motivated by portfolio management considerations concerning the aggregate portfolio under discretionary management. SIPAR could increase or decrease its position as per the investment objectives or size of the investment portfolio that it manages for its clients. SIPAR does not, however, intend to acquire more than 20%.

About SIPAR

SIPAR Inc. is an institutional fund management firm specialized in the segment of emerging Quebec-based companies with micro and small capitalizations. For further information concerning SIPAR, please visit its Internet site at www.sipar.ca

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