Revelation Ventures Inc.

March 03, 2009 12:40 ET

Revelation Terminates Proposed Prestique Kitchens Acquisition, Cancels Shareholder Meeting and Provides Status Update

CALGARY, ALBERTA--(Marketwire - March 3, 2009) - Further to the news release issued by Revelation Ventures Inc. (TSX VENTURE:RCA.P) ("Revelation" or the "Corporation") on February 25, 2009, the Board of Directors of the Corporation regrets to announce that it is terminating the proposed acquisition of Prestique Kitchens Ltd. ("Prestique") as the Corporation's Qualifying Transaction and has cancelled the adjourned shareholder meeting scheduled for March 12, 2009 that was set to consider the acquisition.

Revelation has been advised that its intended target company, Prestique, has received a demand notice from its bank requiring the repayment of Prestique's outstanding loans by March 6, 2009. Revelation requested that it be provided further details by Prestique by noon on Monday, March 2, 2009, as to the nature of the demand received by Prestique from its bank and how Prestique intended to respond to the demand. Revelation was not provided with any further information and Revelation's Board of Directors has determined that Revelation has no other option than to terminate the proposed acquisition transaction in accordance with the terms of the Letter Agreement dated June 26, 2008 as superceded by the Share Purchase Agreement dated September 15, 2008. Further, Revelation has initiated the process seeking the repayment of the $225,000 secured advance it had made to Prestique in accordance with the terms required under the TSX Venture Exchange ("TSXV") Policy 2.4.

Revelation expects that its common shares will resume trading on or about Tuesday, March 3, 2009.

With the termination of the proposed acquisition of Prestique, Revelation as a capital pool company within the meaning of the policies of the TSXV will resume its business of identifying and evaluating businesses and assets with a view to finding and completing a Qualifying Transaction under the policies of the TSXV.

Further to the news releases dated December 2, 2008 and December 5, 2008, Revelation also advises that at this time it has not received any interest payments owing it pursuant to the terms of the Termination Agreement entered into with its former President and Chief Executive Officer, Richard Sayler. The Board of Directors continue to consider if it will take further action against Mr. Sayler concerning the payment of interest and related expenses.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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