Barry and Molly Gruman update of position in Le Château inc.

MONTREAL, Aug. 23, 2012 /CNW Telbec/ - BARRY GRUMAN announces that on August 23, 2012, he acquired ownership of 20,000 class A shares of LE CHÂTEAU INC. (TSX: CTU.A) ("Le Château" or the "Issuer") on the Toronto Stock Exchange ("TSX") at a price of $2.00 per share, representing an aggregate consideration of $40,000. With this acquisition and previous acquisitions of class A shares of the Issuer on the TSX, which total 421,000 class A shares, Mr. Gruman's and his wife's, Molly Gruman, security holding percentage in the Issuer increased by 2.08% since the last press release issued on May 4, 2012.  The aggregate number of securities of the Issuer held by Mr. Gruman and Molly Gruman is 3,360,000 class A shares, distributed as follows: Mr. Gruman holds 2,785,227 class A shares and Molly Gruman holds 574,773 class A shares.  The 3,360,000 class A shares held by Mr. Gruman and his wife represent approximately 16.61% of the currently outstanding class A shares of Le Château.

The class A shares of Le Château acquired by Mr. Gruman were acquired for investment purposes only. In the future, Mr. and Mrs. Gruman may, from time to time, acquire additional securities of the Issuer, may continue to hold their present position or may dispose of their securities.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation. This press release is not an admission that Mr. and Mrs. Gruman own or control any Le Château securities, or are joint actor, with another entity.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

SOURCE: Borden Ladner Gervais LLP (Montréal)

For further information:

Barry Gruman
Telephone: [phone]
c/o Borden, Ladner, Gervais LLP
1000 La Gauchetiere, Suite 900,
Montreal, QC H3B 5H4