MONTREAL, June 21 /CNW Telbec/ - Further to its comprehensive news
release of June 12, 2007, LTT Capital Corp. ("LTT") (TSX V: LTT.P), a Capital
Pool Company, in accordance with the policies of the TSX Venture Exchange Inc.
(the "TSX-V"), is pleased to announce that the proposed amalgamation of LTT
and Arura Pharma Inc. ("Arura") (the "Proposed Qualifying Transaction`) was
approved today by the shareholders of both corporations during meetings held
simultaneously in Vancouver and in Montréal. These approvals were the last
conditions to be met in relation with the completion of the Proposed
Qualifying Transaction other than obtaining the applicable regulatory
The ancillary elements to the Proposed Qualifying Transaction further
described in the Joint Management Information Circular (available at
WWW.sedar.com) issued by LTT and Arura to their respective shareholders were
also approved in the respective meetings of the shareholders. Ali Moghaddam,
Chief Executive Officer of Arura declared: "We are extremely pleased of the
ratification by the shareholders of LTT of the choice of Arura as LTT's
Qualifying Transaction and we would like to take the opportunity to thank
LTT management for their ongoing support during the transaction process".
Arura is a specialty pharmaceutical company having its head office in the
city of Longueuil and consisting of two business units, namely an established
consumer health business unit manufacturing and distributing beauty and
personal hygiene products in Canada and in the United States and an emerging
specialty pharmaceutical business unit geared at acquiring and commercializing
established prescription drugs and medical devices in the oncology, wound care
and neurology sectors, amongst others.
Completion of the Transaction is also subject to a number of other
conditions, including but not limited to the satisfaction of the minimum
listing requirements of the TSX-V, TSX-V final acceptance of the Transaction
as LTT's qualifying transaction pursuant to its Policies and any other
required approvals or consents.
There can be no assurance that the Transaction will be completed as
proposed or at all.
The Transaction is not a "non-arm's length transaction" within the
meaning of Policy 2.4 of the TSX-V as the directors and officers of LTT have
no ownership or interest in Arura.
The TSX-V has in no way passed upon the merits of the Transaction and
does not accept responsibility for the adequacy or accuracy of this press
All information contained in this news release with respect to LTT and
Arura was supplied by LTT and Arura, respectively, for inclusion herein, and
with respect to such information, LTT and its board of directors and officers
have relied on Arura.
The Joint Management Information Circular of LTT Capital Corp. can be
consulted on SEDAR's website at the address: http://www.sedar.com
For further information:
For further information: David Patterson, Chief Executive Officer, LTT
Capital Corp.,(604) 684-6535; Ali Moghaddam, Chief Executive Officer, Arura
Pharma Inc.,(450) 442-2545 ext. 233 firstname.lastname@example.org