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TORONTO, Feb. 20 /CNW/ - Nova Growth Corp. (the "Company") trading on CNQ (www.cnq.ca) under the symbol "NOVA" mailed today its Directors' Circular in accordance with section 99(1) of the Business Corporations Act (Ontario), to holders of common shares and warrants of the Company to whom 2155300 Ontario Inc. made the offer (the "Offer") to purchase all of the outstanding common shares and warrants of the Company on February 7, 2008.
The Directors Circular did not include a recommendation to the shareholders and warrantholders to either accept or reject the Offer because the principal asset of the Corporation which comprises its three litigation proceedings at the Ontario Court of Justice, is inherently difficult to value, is indeterminable according to generally accepted accounting principles, and because it was impossible to establish comparable values with respect to market values and takeover bids for other public companies.
Shareholders and warrantholders of the Company should refer to the Directors' Circular for further information.
Nova Growth Corp. is an Ontario public company. Since March 13, 1998 the Company has been pursuing its claim to an ownership interest in the Niagara Falls Casino Gateway Project located in Niagara Falls, Ontario. This project was awarded to a consortium on February 18, 1998. The claim, Court File No. 98-CV-143556 is against Falls Entertainment and against former management of the Company, Andrzej Kepinski, Richard Boxer, and their holding companies. In addition, the Company is pursuing two other actions in the Courts of Ontario against Shiplake Casino Corp. and Park Gaming L.P., Court File No. 00-CV-197099 and Coopers & Lybrand, et al, Court File No. 98-CV-149051.
To review Nova Growth's public documents please visit www.sedar.com and search Nova Growth Corp. For trading and other corporate information visit www.cnq.ca under the trading symbol "NOVA".