SC Stormont Holdings acquires 1,142,856 common shares of Pharmagap Inc.



    OTTAWA, Oct. 16 /CNW Telbec/ - SC Stormont Holdings Inc. ("Stormont" or
the "Company") which is located at 1145 Innovation Drive, Kanata, Ontario,
announced that it has acquired ownership of 1,142,856 common shares of
PharmaGap Inc. (TSXV: GAP) ("PharmaGap"), which represents approximately
4.58% of the issued and outstanding PharmaGap common shares, pursuant to the
exercise of over the counter options with certain principals of PharmaGap.
    After the above-mentioned purchase, Stormont will own 1,476,189 PharmaGap
common shares, which represents approximately 5.9% of the issued and
outstanding PharmaGap common shares. Stormont also holds a further 3,193,810
options to purchase of PharmaGap common shares through the afore-mentioned
over the counter options. In addition, Stormont owns PharmaGap Series 1,
Series 2 and Series 3 Debentures in the aggregate principal amount of
$2,680,000, which, if fully converted (including accrued interest), are
convertible into 26,875,635 common shares of PharmaGap.
    The exercise of options was a private transaction between Stormont and
the previously mentioned principals of PharmaGap.
    Stormont is holding the PharmaGap common shares for investment purposes.
Depending on market and other conditions, Stormont may from time to time in
the future increase or decrease its ownership, control or direction over
PharmaGap common shares or other PharmaGap securities through market
transactions, private agreements or otherwise.
    A report regarding this transaction has been filed on SEDAR and may be
viewed at www.sedar.com. The report may also be obtained by contacting Robert
C. McInnis, Executive Vice-President of Stormont, at 613-287-3118.

    The issuance of this news release is not an admission that an entity
named in the news release owns or controls any described securities or is a
joint actor with another named entity.




For further information:

For further information: Robert C. McInnis, Executive Vice-President, SC
Stormont, (613) 287-3118

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SC STORMONT INC.

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