Business
Section Rouge Media achieves the sale of Image in Media
LONGUEUIL, QC, Jan. 7 /CNW Telbec/ - SECTION ROUGE MEDIA INC. (TSX-V: SRO) ("Section Rouge Media"...
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[{"type":"text","content":"\n\n\n\nLONGUEUIL, QC, Jan. 7 /CNW Telbec/ - SECTION ROUGE MEDIA INC.\n(TSX-V: SRO) ("Section Rouge Media") is pleased to announce that the sale of\nall of the shares of its wholly-owned subsidiary Image In Media Inc. has now\nbeen completed. This transaction was initially announced in a press release\ndated July 12, 2007, and was further disclosed in the management proxy\ncircular dated August 2, 2007 which is available on SEDAR at www.sedar.com.\nMoreover, the valuation reports of the issued and outstanding shares of Image\nIn Media Inc. as of April 20, 2007 and as of July 13, 2006 may also be found\non SEDAR. The sale was made to a group headed by Pierre Bernatchez and Luigi\nPorco, both former owners of Image In Media Inc., in consideration for\n9,351,808 common shares of Section Rouge Media controlled by this group, which\nshares will be cancelled subsequent to the closing of the transaction, as well\nas for a $1,428,000 convertible debenture of Image In Media Inc. The\nconvertible debenture has a five-year term, a 7% interest rate and is\nconvertible at Section Rouge Media's option into common shares of Image In\nMedia Inc. upon certain stated events. Section Rouge Media obtained an\nexemption from the Autorite des marches financiers for the repurchase of its\nshares and the approval of the transaction by the majority of the minority of\nits shareholders at its annual and special meeting of the shareholders held\nAugust 31, 2007. Closing is subject to final approval of the TSX Venture\nExchange.\n\n\nFollowing this transaction and the subsequent cancellation of the\n9,351,808 common shares of Section Rouge Media, the share capital of Section\nRouge Media will be 39,965,902 common shares.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n%SEDAR: 00008697EF\n\n\n","length":1911,"tagName":"div"}]