Ascalade Announces Results of Meeting of Creditors and Court Approval of the Plan

    RICHMOND, BC, June 24 /CNW/ - Ascalade Communications Inc. ("Ascalade")
(TSX: ACG) today announced that in connection with the on-going legal
proceedings filed by Ascalade and Ascalade Technologies Inc. (collectively,
the "Companies") in Canada under the Companies' Creditors Arrangement Act (the
"CCAA"), the Companies obtained an order (the "Order") from the Supreme Court
of British Columbia (the "Court") approving the plan of compromise or
arrangement (the "Plan"). On June 17, 2008, at the Meeting of Creditors, the
Plan received 100% approval of the creditors who voted to approve the Plan. A
stay of proceedings with respect to any actions which have or might be brought
against the Companies will remain in effect until all of the assets of the
Companies are sold and the net proceeds distributed to the stakeholders of the
    The Order authorizes Ascalade, at any time after July 25, 2008, to apply
to the Toronto Stock Exchange to have the trading of the Common shares of
Ascalade suspended from trading and delisted.
    Any recovery in the CCAA for creditors and other stakeholders of the
Companies, including shareholders, is uncertain and is highly dependent upon a
number of factors, including the recovery from the sale of the factory,
equipment and inventory in the PRC and the outcome of the Scheme in Hong Kong.

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