LONGUEUIL, QC, Jan. 7 /CNW Telbec/ - SECTION ROUGE MEDIA INC.
(TSX-V: SRO) ("Section Rouge Média") is pleased to announce that the sale of
all of the shares of its wholly-owned subsidiary Image In Média Inc. has now
been completed. This transaction was initially announced in a press release
dated July 12, 2007, and was further disclosed in the management proxy
circular dated August 2, 2007 which is available on SEDAR at www.sedar.com.
Moreover, the valuation reports of the issued and outstanding shares of Image
In Média Inc. as of April 20, 2007 and as of July 13, 2006 may also be found
on SEDAR. The sale was made to a group headed by Pierre Bernatchez and Luigi
Porco, both former owners of Image In Média Inc., in consideration for
9,351,808 common shares of Section Rouge Média controlled by this group, which
shares will be cancelled subsequent to the closing of the transaction, as well
as for a $1,428,000 convertible debenture of Image In Média Inc. The
convertible debenture has a five-year term, a 7% interest rate and is
convertible at Section Rouge Média's option into common shares of Image In
Média Inc. upon certain stated events. Section Rouge Média obtained an
exemption from the Autorité des marchés financiers for the repurchase of its
shares and the approval of the transaction by the majority of the minority of
its shareholders at its annual and special meeting of the shareholders held
August 31, 2007. Closing is subject to final approval of the TSX Venture
Following this transaction and the subsequent cancellation of the
9,351,808 common shares of Section Rouge Média, the share capital of Section
Rouge Média will be 39,965,902 common shares.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Richard Desmarais, President and CEO, Section
Rouge Média inc., (450) 677-2556; sedar.com