TORONTO, May 3 /CNW/ - Multimedia Nova Corporation (the "Company") (TSXV-MNC.A) is pleased to announce that it has signed an agreement to acquire all of the shares of a private company that owns the intellectual property of "The Journal Community Newspaper, The Bloor West Village Journal", a neighbourhood newspaper published and distributed in and around Bloor West Village, Swansea and Etobicoke, in the City of Toronto. The Company agreed to issue 150,000 Class A shares to the vendor, George Longo, at an agreed price of $0.21 per share. Mr. Longo has agreed to join the Company as an employee on standard employment terms. The acquisition and issuance of shares is conditional on TSX Venture Exchange approval. No finder's fee is payable in respect of this acquisition.
Multimedia Nova Corporation's President, Lori Abittan, stated, "We look forward to continuing to provide quality regional and local-content through "The Journal Community Newspaper, The Bloor West Village Journal" and are pleased to add this publication to the Company's numerous community newspapers in the Greater Toronto Area. Bloor West Journal fits perfectly and supplements an area not currently serviced by our existing Town Crier and Tandem publications. Mr. George Longo, founder and publisher of the Bloor West Journal, and his staff will join the Multimedia team." Mr. Longo stated, "We're combining our resources to enhance our west-end publishing team in producing top-notch local stories that you won't find anywhere else. What you can expect is more page, more stories and continued great service for our friendly local businesses and a strong, independent local voice that's going to be here for a very long time."
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or accuracy of this release.