NEW YORK, Dec. 30 /PRNewswire-FirstCall/ -- Hollinger International Inc. ("the Company") today announced that its subsidiary Hollinger Canadian Publishing Holdings Co. has completed the sale of its 70 percent interest in Great West Newspaper Group Ltd. to Jamison Newspapers Inc. and Glacier Ventures International Corp. (TSX: GVC) ("Glacier") and its 50% interest in Fundata Canada Inc. to Glacier for total consideration of approximately CDN$47.1 million, or approximately US$40.5 million.
The Company said that its discussions with Glacier concerning the possible sale to Glacier of its remaining Canadian assets continue. The Company said that a definitive agreement has not been reached concerning the sale of these remaining assets, and that there can be no assurance that an agreement will ultimately be reached.
About Hollinger International
Hollinger International Inc. (http://www.hollingerinternational.com/) is a newspaper publisher whose assets include The Chicago Sun-Times and a large number of community newspapers in the Chicago area as well as in Canada.
Cautionary Statement on Forward-Looking Statements
Certain statements made in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result" or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by Hollinger International with the Securities and Exchange Commission, including in its Forms 10 K and 10 Q. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward- looking statements as a prediction of actual results.
Molly Morse / Jeremy Fielding
Kekst and Company