Elephant & Castle Group Inc. - Update on status of plan of arrangement

    VANCOUVER, March 16 /CNW/ - Elephant & Castle Group Inc. (the "Company")
(OTCBB - PUBSF) today announced that the previously announced proposed
acquisition by Repechage Investments Limited ("Repechage Investments") and
Repechage Restaurant Group Ltd. ("Repechage"), a wholly-owned subsidiary of
Repechage Investments, by way of plan of arrangement (the "Arrangement") under
the Business Corporations Act (British Columbia), was approved by its
securityholders and creditors on March 12, 2007 and received the approval of
the British Columbia Supreme Court on March 14, 2007.
    The Arrangement remains subject to the fulfillment of certain conditions
and the parties anticipate completion of the Arrangement by the end of March

    About Repechage Investments
    Repechage Investments is an investment company formed under the laws of
Newfoundland and Labrador that holds investments in the transportation,
service and real estate sectors. Repechage Investments is closely held, with a
majority of its shares being held by David L. Dobbin and members of his

    About the Company
    Elephant & Castle Group Inc. is the premier operator and franchisor of
authentic British-style pubs with 24 locations throughout North America.

    This press release contains forward-looking statements, including those
relating to the satisfaction of the obligations contained in the Arrangement
Agreement and the completion of the transactions contemplated therein.
Forward-looking statements include statements about plans and proposals for
future actions, or events or conditions that may occur in the future. The
words "believe", "expect", "intend", "anticipate", "propose", or variations of
such words, and similar expressions identify forward-looking statements, but
their absence does not mean that a statement is not forward-looking.
Forward-looking statements are based on the opinions and estimates of
management at the time the statements are made and are subject to risks and
uncertainties and other factors that could cause actual events, conditions or
results to differ materially from those anticipated in the forward-looking
statements as a result of a variety of risks, uncertainties and other factors,
including, without limitation, that conditions to closing of Arrangement may
not be satisfied or that one or more third parties may make competing
acquisition proposals, commence litigation or take other action to seek to
delay or prevent consummation of the Arrangement. The Company assumes no
obligation to update forward-looking statements to reflect future events.

For further information:

For further information: Elephant & Castle Group Inc., 12th Floor, 1190
Hornby Street, Vancouver, BC, V6Z 2K5, Ph: (604) 684-6451, Fax: (604)

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