SARGASSO CAPITAL CORPORATION ANNOUNCES REFILING OF UNAUDITED INTERIM
FINANCIAL STATEMENTS

TSXV TRADING SYMBOL: SGO.P

TORONTO, Dec. 16 /CNW/ - Sargasso Capital Corporation (TSXV: SGO.P) (the "Corporation"), a capital pool company, today announced that it has filed revised unaudited interim financial statements for the three month period ended October 31, 2010.

The refiling of the financial statements was undertaken pursuant to a continuous disclosure review of the Corporation's filings by the Ontario Securities Commission. The principal additions to the refiled financial statements are the inclusion of comparative data for the three months ended October 31, 2010 to the year ended July 31, 2010.

Notwithstanding the foregoing, in the Corporation's view, the amendments to its interim financial statements are not material since there has been no change to the shareholders' equity, net assets of the Company or income statements for periods reported upon.

The refiled financial statements replace and supersede the previously filed original financial statements. Such previously filed original financial statements should be disregarded.

The refiled financial statements can be reviewed on SEDAR at www.sedar.com.

THE TSX VENTURE EXCHANGE INC. HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

For further information:

contact Richard D. McGraw, President, Chief Executive Officer, Chief Financial Officer and Secretary, at:

Telephone: [phone]
E-mail: [email protected]