Newcap not to proceed with Ontario acquisition

    DARTMOUTH, NS, Jan. 19 /CNW/ - Newfoundland Capital Corporation Limited
("NCC" or the "Company") (TSX: NCC.A, NCC.B) announces that its wholly-owned
subsidiary, Newcap Inc., will not be proceeding with its previously announced
agreement to acquire 12 FM radio broadcasting licences from Haliburton
Broadcasting Group Inc. The acquisition was subject to approval from the
Canadian Radio-television and Telecommunications Commission ("CRTC") however
both parties have mutually agreed not to proceed with the application.
    President and Chief Executive Officer Rob Steele comments: "While we view
these radio stations as very attractive and assets we would like to own
sometime in the future, in light of the seriously deteriorating credit
markets, we have decided it is not the appropriate time to increase the debt
levels of the Company."

    About Newfoundland Capital Corporation Limited

    Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 77 licences across Canada. The
Company reaches millions of listeners each week through a variety of formats
and is a recognized industry leader in radio programming, sales and
    %SEDAR: 00002995E

For further information:

For further information: REF: Robert G. Steele, President and Chief
Executive Officer; Scott G.M. Weatherby, Chief Financial Officer and Corporate
Secretary, Newfoundland Capital Corporation Limited, 745 Windmill Road,
Dartmouth, Nova Scotia B3B 1C2, Tel: (902) 468-7557, Fax: (902) 468-7558,
e-mail:; Web:

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