TORONTO, April 17 /CNW/ - Geoffrey B. Genovese today announced that he
acquired ownership of an additional 487,200 common shares ("Common Shares") of
Envoy Capital Group Inc. ("Envoy") (TSX - ECG, NASDAQ - ECGI), representing
approximately 5.69% of the current issued and outstanding Common Shares.
As a result of this acquisition, Mr. Genovese now owns 1,341,083 Common
Shares representing approximately 15.67% of the issued and outstanding Common
Shares. In addition, Mr. Genovese holds 80,000 stock options to acquire Common
Shares. If all of these stock options were exercised, Mr. Genovese would hold
an aggregate of 1,421,083 Common Shares, representing approximately 16.45% of
the issued and outstanding Common Shares (assuming no other stock options or
other convertible securities of Envoy were exercised by other holders).
The Common Shares were acquired pursuant to a private agreement at a
price of $1.58 per Common Share (based on an exchange rate of 1 CAD = 0.8233
USD). The Common Shares were acquired for investment purposes only. Mr.
Genovese does not have any current intention of acquiring ownership of, or
control or direction over, any additional Common Shares. Depending on market
conditions and other relevant factors, Mr. Genovese may, in the future,
increase or decrease his beneficial ownership of, or control or direction
over, Common Shares through market transactions, exercise of options, private
agreements or otherwise.
An early warning report in respect of the above noted transaction has
been filed on SEDAR, a copy of which can be obtained at www.sedar.com.
For further information:
For further information: Geoffrey B. Genovese, 9 Boulevard D'Italie,
Monte Carlo, Monaco 98000, Tel: (416) 593-1212