Newfoundland Capital Corporation signs agreement to purchase Winnipeg radio station

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DARTMOUTH, N.S. — Newfoundland Capital Corporation announced that its wholly-owned subsidiary, Newcap Inc., has signed an agreement to purchase the CHNR-FM radio broadcast licence in Winnipeg, Manitoba from CKVN Radiolink System Inc., pending approval from the CRTC.

This is the second radio acquisition for Newcap in 2005 and demonstrates the company’s momentum toward growing its broadcast network. The purchase price is $1.8 million.

This is the company’s first acquisition in Manitoba. As the largest commercial center between Toronto and Calgary, Winnipeg represents an important growth market for Newcap Radio as it expands its broadcast culture throughout the country.

“Winnipeg is another key market for our company,” said Rob Steele, president and CEO. “This acquisition is another step in building a truly national presence across Canada.”

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