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Newcap receives CRTC approval to purchase Shortell's assets

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CRTC - Radio
DARTMOUTH - Newcap Inc., announced today the CRTC has approved the purchase of the broadcasting assets of Shortell's Limited and its related companies.

The assets include radio stations CKSA-FM and CILR-FM, television stations CKSA-TV and CITL-TV and the majority interest in an outdoor billboard business, all based in Lloydminster, Alberta. The television stations are national affiliates of CTV and CBC. This transaction, previously announced on May 7, 2004, is expected to close January 14, 2005.

"Lloydminster, Alberta is an important expansion for Newfoundland Capital" said President and Chief Executive Officer Robert Steele. "CKSA Radio and Television are legacy properties in Lloydminster and the surrounding area. Newfoundland Capital views this approval as a strategic, positive move forward in our Alberta growth plan".

Newfoundland Capital Corporation, with 25 licences in Alberta, operates more stations than any other broadcaster in the province. Along with this approval, the company is about to launch three new FM radio stations in the province beginning with 93.7, WAYNE-FM in Wainwright, Alberta on January 14, 2005. New FM station launches in Camrose and Brooks, Alberta are scheduled for Spring-Summer 2005.

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