ISG Capital Corporation provides update on qualifying transaction

    THE U.S./

    TORONTO, July 16 /CNW/ - ISG Capital Corporation (TSX-V: SUS.P) (the
"Corporation") announced today that it is continuing to work towards
completion of its proposed acquisition of 311 Ingersoll Street in Ingersoll,
Ontario as its qualifying transaction. Details regarding the proposed
qualifying transaction can be found in the Corporation's press release of
May 12, 2008.
    The Corporation has provided a draft information circular relating to the
qualifying transaction and all required ancillary documentation to the TSX
Venture Exchange ("TSXV") and is awaiting condition approval for the
transaction from TSXV. Following receipt of conditional approval, which is
currently expected prior to the end of July, the Corporation will announce a
date for the shareholder meeting that will be held to approve the transaction
and mail the information circular to shareholders.

    Completion of the transaction is subject to a number of conditions,
including but not limited to, TSXV acceptance and majority of the minority
shareholder approval. The transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that the proposed
transaction will be completed as proposed or at all.
    Investors are cautioned that, except as disclosed in the management
information circular to be prepared in connection with the transaction, any
information released or received with respect to the transaction may not be
accurate or complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly speculative.

    The TSXV has in no way passed upon the merits of the proposed transaction
    and has neither approved nor disapproved the contents of this press
    release. The TSXV does not accept responsibility for the adequacy or
    accuracy of this press release.

For further information:

For further information: David Ogden, Chief Executive Officer, (416)
203-7538 or (877) 877-0213,

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ISG Capital Corporation

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