Broadview Press Inc.
TSX VENTURE : BDP

Broadview Press Inc.

March 19, 2008 14:49 ET

University of Toronto Press To Acquire Broadview Press's Social Sciences Lists

Deal Expected to Close on or about May 1

CALGARY, ALBERTA--(Marketwire - March 19, 2008) -

(All figures are in Canadian dollars unless otherwise stated.)

Broadview Press Inc. (TSX VENTURE:BDP) is pleased to announce that its Board has approved the signing of a binding letter of intent with the University of Toronto Press, under the terms of which UTP will acquire Broadview's lists in the Social Sciences. The final total purchase price is subject to certain variables, but will be between $1.0 and $1.2 million. The transaction has also been approved by the UTP Board, and is likely to take effect on or about May 1, 2008.

Broadview's Social Sciences publishing program has encompassed four separate disciplines (Anthropology, History, Politics, and Sociology); in terms of revenue, sales of titles in these four disciplines accounted for 34% of Broadview's total sales revenue in 2007 (a figure in line with historical norms). By some distance the majority of Broadview's publishing has been in the two Humanities disciplines of English Studies and Philosophy; as it looks forward, the company will be focusing its publishing program and marketing resources on these two areas in which it has been achieving the bulk of its sales.

The transaction also involves the hiring by UTP of approximately half a dozen Broadview employees associated closely with marketing and with editorial acquisitions on the Social Sciences side. That group will include Michael Harrison, who has been Broadview's President and CEO since 2005, and who for many years before that played a key role as Broadview's Vice President in building the Social Sciences publishing program; within UTP the group will assume responsibility for starting a new textbook division. Don LePan, President of Broadview from its founding in 1985 through to 2005, will reassume that position.

Broadview's most recent financial statements, as well as its management discussion and analysis of these results, can be read by visiting www.sedar.com. Broadview Press is a Canadian-based publisher of books aimed at the higher education textbook market.

Closing Share Price: $0.12 (at March 18, 2008)

Shares issued: 12,118,607 (at March 18, 2008)

Forward-Looking Statements:

This document contains forward-looking statements involving Broadview's expectations about future financial results and other matters. These statements reflect management's current forecast of certain aspects of Broadview's future business. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical results or current expectations. The words "plan," "expect," "believe," "intent," "anticipate," "forecast," "target," "estimate," "should," "will" and similar expressions identify forward-looking statements. Risk factors include shifts in consumer demand, product schedules, product mix, competitive products and pricing, technological shifts, foreign exchange changes and other variables. Readers are referred to Broadview's other public documents for further discussions of risks and uncertainties. The factors underlying forecasts are dynamic and subject to change. As a result, forecasts speak only as of the date they are given and do not necessarily reflect Broadview's outlook at any other point in time.

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

Contact Information

  • Broadview Press
    Michael Harrison
    President and CEO
    (519) 837-0915
    or
    Broadview Press
    Don LePan
    Company Founder and Director, Special Projects
    (403) 232-1443