TORONTO, Feb. 20 /CNW/ - Nova Growth Corp. (the "Company") trading on CNQ
(www.cnq.ca) under the symbol "NOVA" mailed today its Directors' Circular in
accordance with section 99(1) of the Business Corporations Act (Ontario), to
holders of common shares and warrants of the Company to whom 2155300 Ontario
Inc. made the offer (the "Offer") to purchase all of the outstanding common
shares and warrants of the Company on February 7, 2008.
The Directors Circular did not include a recommendation to the
shareholders and warrantholders to either accept or reject the Offer because
the principal asset of the Corporation which comprises its three litigation
proceedings at the Ontario Court of Justice, is inherently difficult to value,
is indeterminable according to generally accepted accounting principles, and
because it was impossible to establish comparable values with respect to
market values and takeover bids for other public companies.
Shareholders and warrantholders of the Company should refer to the
Directors' Circular for further information.
Nova Growth Corp. is an Ontario public company. Since March 13, 1998 the
Company has been pursuing its claim to an ownership interest in the Niagara
Falls Casino Gateway Project located in Niagara Falls, Ontario. This project
was awarded to a consortium on February 18, 1998. The claim, Court File No.
98-CV-143556 is against Falls Entertainment and against former management of
the Company, Andrzej Kepinski, Richard Boxer, and their holding companies. In
addition, the Company is pursuing two other actions in the Courts of Ontario
against Shiplake Casino Corp. and Park Gaming L.P., Court File No.
00-CV-197099 and Coopers & Lybrand, et al, Court File No. 98-CV-149051.
To review Nova Growth's public documents please visit www.sedar.com and
search Nova Growth Corp. For trading and other corporate information visit
www.cnq.ca under the trading symbol "NOVA".
For further information:
For further information: Mr. Brian L. Hamm, President and Director at