GLENDALE INTERNATIONAL CORP.'S TRUSTEE IN BANKRUPTCY SELLS SHARES OF FIRAN TECHNOLOGY GROUP CORPORATION

TORONTO, April 1 /CNW/ - On March 31, 2011, Ernst & Young Inc. ("Ernst & Young"), in its capacity as trustee in bankruptcy of the estate of Glendale International Corp. ("Glendale") and not in its personal capacity entered into an agreement (the "Agreement") to sell 8,541,987 common shares of Firan Technology Group Corporation ("Firan") to Oakwest Corporation Limited, representing approximately 48% of the total issued and outstanding common shares of Firan. Upon the entering into of the Agreement, Ernst & Young sold 8,301,987 common shares of Firan. The remaining 240,000 common shares of Firan will be sold under the terms of the Agreement pursuant to certain conditions being met. Ernst & Young currently owns 240,000 common shares of Firan, representing approximately 1.35% of the total issued and outstanding common shares of Firan.

The securities were sold through a private sale at a price of $0.31 per common share. At this time, Ernst & Young, in its capacity as trustee in bankruptcy of the estate of Glendale has no intention of acquiring further common shares of Firan.

SOURCE ERNST

For further information:

For more information, or to obtain a copy of the report under the early warning requirements that will be filed by Ernst & Young with the relevant Canadian securities authorities, please contact Joe Pernica at phone number (416) 943-2026

Organization Profile

ERNST & YOUNG INC., IN ITS CAPACITY AS TRUSTEE IN BANKRUPTCY OF THE ESTATE OF GLENDALE INTERNATIONAL CORP.

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