TORONTO, Oct. 1 /CNW/ - Multimedia Nova Corporation (the "Company")
(TSXV-MNC.A) announces that it has given notice to Italmedia s.r.l
("Italmedia") to extend the Concession Agreement and five other related
agreements by which the Company licenses to Italmedia the mastheads for
Corriere Canadese and Tandem and Italmedia engages the Company to provide
services for the production and distribution of Corriere Canadese and Tandem.
Through this arrangement, first established in 1994, Italmedia has been able
to obtain grants from the Italian government, not currently available to the
Company, to support the cost of production and distribution. The Company also
gave notice to Elena Caprile, President of Italmedia and editor-in-chief of
Corriere Canadese, to terminate a management agreement with Italmedia
effective December 31, 2007. The management agreement delegates authority from
the Company to Italmedia to appoint the editor-in-chief of Corriere Canadese.
A dispute has arisen between the Company and Italmedia regarding whether or
not the management agreement is part of or separate from the Concession
Agreement. The Company has advised Italmedia of its view that the two
agreements are separate and that the Company intends to renew the Concession
Agreement and the five related agreements, but not the management agreement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Lori Abittan, President and Chief Executive
Officer at (416) 785-4300 ext. 218, Fax (416) 785-4303, e-mail: