BRANCHEZ-VOUS! Will re-Focus on its Internet Operations.MONTREAL -- BRANCHEZ-VOUS! Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:BZV BZV Brazzaville (Republic of Congo) ) acknowledges that its previously projected corporate reorganization could not be completed and decides that it will immediately re-focus its efforts on its successful Internet operations. The previously projected reorganization would have included the sale of its Internet operations and the acquisition for cash and stock of 100% of Passeport Media International inc. ("Passeport Media"), a Montreal-based media company active in Airport-located electronic billboards. Such transactions would have jointly been considered as a reverse take-over by Passeport Media. Passeport Media showed significant progress in the past few months, including the launch of its operations within the Calgary airport and the opening of an electronic LCD screen network in the new International arrival hall of the Montreal-Trudeau airport. However, various factors prevented the completion of the reorganization as originally planned in 2002.At the same time, BRANCHEZ-VOUS!' Internet media operations experienced a very strong operating turnaround and now show exciting growth prospects.As a result, the Board of Directors of BRANCHEZ-VOUS! came to the conclusion that BRANCHEZ-VOUS!' shareholders would be better served and shareholder value enhanced by refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus efforts on the existing operations. "I am delighted that our directors and shareholders showed renewed and strong support for our Internet operations, says Patrick Pierra, founder, president and chief executive officer of BRANCHEZ-VOUS!. Now that the uncertainty on the future direction of the corporation has been lifted, we can look again at growth opportunities in this vibrant marketplace, where we stand alone as the main independent player in Quebec and one of the very few independent players in Canada." In a parallel decision by the board of directors, Patrick Pierra has been confirmed in his role as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for the next five years. BRANCHEZ-VOUS! currently owns 5,236 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of Passeport Media, convertible into common shares representing 25% of the capital stock of Passeport Media. BRANCHEZ-VOUS! keeps this stake and will closely monitor PMI's future progress. Cancellation of the corporate reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. may result in an extraordinary loss in 2004. As Passeport Media was defined as a company subject to significant influence from BRANCHEZ-VOUS!, the corporation's stake in Passeport Media was accounted for using the equity method.As at September 30, 2004, this stake contributed $274,000 to the corporation's shareholders equity. Also, BRANCHEZ-VOUS! expects to register in the last quarter of 2004 some extraordinary expenses related to the cancelled reorganization. BRANCHEZ-VOUS! expects its shares to trade again in the near future. Trading has been suspended by the TSX since April 1st, 2004, when the Board of Directors indicated its willingness to proceed with a reverse take-over by Passeport Media. About BRANCHEZ-VOUS! Inc. BRANCHEZ-VOUS! Inc. (TSX Venture: BZV) is a leading Montreal-based new media company. It owns and operates BRANCHEZ-VOUS.com (www.branchez-vous.com), the largest independent portal in Quebec, which primarily targets an audience of active adult users working in and/or interested by technology; and it operates the BRANCHEZ-VOUS! Network, the largest French-language internet advertising Delivering ads to Internet users via Web sites, e-mail, ad-supported software and Internet-enabled cellphones. Also called an "ad network," Internet advertising organizations act as a middleman between the advertiser and the Web sites and software publishers that display the ads. network, comprised of approximately 50 web sites - including ten sites owned and operated by Astral (language) Astral - A programming language based on Pascal, never implemented. ["ASTRAL: A Structured and Unified Approach to Database Design and Manipulation", T. Amble et al, in Proc of the Database Architecture Conf, Venice, June 1979]. Media. Additional information on the Corporation can be obtained on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com) and at www.branchez-vous.com/inc/english The TSX Venture exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved the contents of this press release. BRANCHEZ-VOUS! inc. (TSX VENTURE:BZV) |
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