Jun. 11, 2010 (Filing Services Canada) -- Rocky Mountain Liquor Inc. (RUM - TSX Venture), ("Rocky Mountain Liquor" or the "Company"), listed on the TSX Venture Exchange (the "Exchange") is pleased to announce that the Exchange has approved reclassified its issuer classification status. The Exchange has issued a bulletin that stated, "In accordance with Policy 2.5, the Company has met the requirements for a Tier 1 company. Therefore, effective June 11, 2010 the Company's Tier classification will change from Tier 2 to: Classification Tier 1"
To maintain a listing on Tier 1 classification, an Issuer must meet all Tier 1 Tier Maintenance Requirements for its industry segment. The requirements as outlined in Policy 2.5 include, minimum shareholder requirements including shares issued, the number of public shareholders having at least one board lot and a minimum percentage of the Company's issued shares being in the Public Float.
A Tier 1 company must also meet minimum requirements in relation to its market capitalization, net capital assets or positive pre-tax earnings, sufficient working capital or financial resources, and must meet minimum activity requirements. These activity requirements include demonstrating a positive cash flow, meeting minimum operating revenues and expenditures directly related to development of assets.
When a CPC or Resulting Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes. Rocky Mountain Liquor will commence trading as a Tier 1 issuer on June 11, 2010. As a result of the graduation to Tier 1 issuer status, an aggregate of 23,382,520 of the Company's common shares and 5,250,505.4 warrants (expiring December 1, 2010 with an exercise price of $0.315 CAD) currently held in escrow will be released within ten days. Upon the release of such common shares and warrants, there will not be any securities of Rocky Mountain Liquor subject to escrow pursuant to the policies of the TSXV. The number of outstanding common shares of the Company will not change as a result of the escrow release
"We are pleased that the Exchange has recognized the Company's performance in pursuing its corporate and financial objectives", stated Peter J. Byrne, President and CEO. "The awarding of Tier 1 status will permit our Company to take advantage of a more favourable regulatory environment and financing opportunities. It may also increases the opportunity for additional future institutional and employee investment participation in RUM" Byrne said.
About Rocky Mountain Liquor:
Rocky Mountain Liquor owns 100% of Andersons Liquor Inc. ("Andersons") headquartered in Edmonton Alberta, which owns and operates 30 private liquor stores in that province.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to priorities for the Company, the regulatory environment, financing opportunities, opportunities for additional future institutional and employee investment participation, and the ability to execute the business strategy. Release of securities held in escrow is subject to TSXV policy and the ability of the escrow agent to deliver certificates to security holders. Readers are cautioned not to place undue reliance on forward-looking statements, and should not rely on past performance when evaluating this acquisition, and in particular results achieved in 2009 and previous periods. Past results might not be a certain indication of future performance, which is subject to other risks, including but not limited to changes in operational policies, changes in management, changes in strategic focus, market conditions and customer preferences. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that these events may not materialize as well as those additional factors discussed in the section entitled "Risk Factors" in RUM's Management Discussion and Analysis, which can be obtained at www.sedar.com. If they do materialize, there remains a risk of non-execution for any reason (including but not limited to the inability to locate suitable acquisitions or new store development
For further information:
Peter J. Byrne
Chief Executive Officer
(780) 686-7383
Tracey Bean
Chief Financial Officer
(780) 863-2326
Source: Rocky Mountain Liquor Inc. (TSX-V RUM)
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