LONGUEUIL, QC, Sept. 17 /CNW Telbec/ - Section Rouge Média inc.
(the "Company" or "SRM") has been notified by Corporation Evolutra / Evolutra
Corporation ("Evolutra") that it will not proceed with a previously announced
proposed reverse takeover transaction (please refer to the press release dated
September 28, 2007). Evolutra indicated it had made this decision after a
number of conditions precedent to the transaction had not been met by SRM,
including the threshold valuation of SRM as determined by an independent third
party valuator. The parties have also determined that current market
conditions are not favourable for a transaction of this nature at the moment.
On June 25, 2008, the President and CEO of the Company, Richard
Desmarais, resigned and Jean-Pierre Rancourt, the Vice-President, agreed to
act in Desmarais' place on an interim basis. Rancourt ordered immediately the
completion of an evaluation of SRM by Wise, Blackman, which was delivered to
SRM and Evolutra on August 29, 2008.
The Company intends to continue its normal activities. The Company
publishes periodicals relating to family life (Grossesse, Bébé and Junior),
legal matters (Photo Police) and agriculture (Ma revue de machineries
SRM in currently approaching the TSX-V for the resumption of trading of
its common shares on TSX-V.
Please note that the Company will be holding its Annual Meeting in
Longueuil Friday, October 17, 2008 at 11H00 a.m.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this release.
For further information:
For further information: Me Jean-Pierre Rancourt, President and Chief
Executive Officer, Section Rouge Média inc., (450) 677-2556 #222