BMTC Group Inc.'s shareholders approve collapse of dual-class share structure

MONTREAL, May 7, 2015 /CNW Telbec/ - BMTC Group Inc. (the "Corporation") (TSX: GBT-A) announces that at its annual and special meeting of shareholders held earlier today, its shareholders approved the resolution for a proposed reorganization of the Corporation's share capital that will eliminate the Corporation's dual-class share capital structure by way of court-approved plan of arrangement (the "Arrangement").

The Corporation has also received conditional approval from the Toronto Stock Exchange for the substitutional listing of the Common Shares resulting from the renaming of the Class A Subordinate Voting Shares pursuant to the Arrangement. Upon completion of the Arrangement, the Corporation's Common Shares will trade under the ticker "GBT".

With regulatory and shareholder approvals obtained, the Corporation will seek to obtain a final order from the Superior Court of Québec to approve the Arrangement. The hearing for the final order is scheduled to be heard on May 11, 2015 at 9:15 a.m. (Montreal time) at the Courthouse, 1 rue Notre-Dame Est, Montreal, Québec, H2Y 1B6.  The Corporation expects to complete the Arrangement on or about May 11, 2015 following receipt of the final order.

The Corporation also announces that all nominees listed in the Corporation's management information circular dated March 3, 2015 have been elected as directors of the Corporation. Each of the nine (9) nominees proposed for election at the annual and special meeting of the shareholders was elected on a vote by show of hands. Each of the nominees was elected by a majority of the votes cast by the shareholders present or represented by proxy at the meeting. The proxies received by management for the election of directors were as follows:

FORWARD-LOOKING STATEMENTS

The press release contains certain forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements relate to future events or future performance and include, but are not limited to, the completion of the Arrangement. Often, but not always, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. Such statements reflect the current views and estimates of management of BMTC Group Inc. with respect to future events, as of the date such statements are made, and they involve known and unknown risks and uncertainties which may cause actual events or results to differ materially from those expressed or implied by forward-looking statements. In evaluating these statements, readers should specifically consider factors such as the risks outlined under "Risk Factors" in BMTC Group Inc.'s Annual Information Form, which is available at www.sedar.com. Although BMTC Group Inc. has attempted to identify important factors that could cause actual events, actions or results to differ materially from those described in the forward-looking statements, there may be other factors that cause such events, actions or results to differ. BMTC Group Inc. is under no obligation (and expressly disclaims any such obligation) to update forward-looking statements if circumstances or management's views or estimates change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

About BMTC Group Inc.

BMTC Group Inc., through its subsidiaries, is a major retailer of furniture, electronic goods and household appliances operating in the province of Québec. Its Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange.

SOURCE BMTC Group Inc.