NEWCAP to Sell Thunder Bay Stations

    DARTMOUTH, NS, July 14 /CNW/ - Newfoundland Capital Corporation Limited
("NCC" or the "Company") (TSX: NCC.A, NCC.B) announces that its wholly-owned
subsidiary, Newcap Inc., has entered into an agreement to sell its two FM
stations in Thunder Bay, Ontario to Acadia Broadcasting Limited's wholly-owned
subsidiary Northwoods Broadcasting Limited. The acquisition is subject to
approval from the Canadian Radio-television and Telecommunications Commission
("CRTC"). The agreed price is $4.5 million plus working capital and if
approved, this transaction is expected to close before December 31, 2009.
    President and Chief Executive Officer Rob Steele comments: "While these
stations were positive contributors to Newcap, there was little opportunity to
expand our presence and build on a cluster of stations in close proximity to
Thunder Bay. As a result we have chosen to divest of these non-core properties
and redeploy the capital for other uses. We would like to thank all of our
Thunder Bay employees for their dedication and support over the years."
    "We are pleased to have reached an agreement with Newcap to purchase
these two FM radio stations in Thunder Bay, Ontario: CKTG-FM The Giant 105.3,
and CJUK-FM Magic 99.9. They will be a great addition to our existing radio
stations in Fort Frances, Kenora and Dryden, Ontario," commented Jim
MacMullin, Vice President of Acadia Broadcasting. "We will continue with
Newcap's tradition of providing quality local radio services to the Thunder
Bay community."

    About Newfoundland Capital Corporation Limited

    Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 81 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

    About Acadia Broadcasting Limited

    Acadia Broadcasting Limited is a community focused radio broadcaster with
10 licences in New Brunswick, Nova Scotia and Ontario. The Company's original
station CHSJ in Saint John, NB has been on the air since 1928.
    %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, (902) 468-7557, Fax:
(902) 468-7558,;; Jim MacMullin, Vice
President, Acadia Broadcasting Limited, (506) 648-2100, Fax: (506) 634-5153,;

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