Tuckamore Capital Management Inc. Announces Sale of Gemma Communications Group

TORONTO, ONTARIO--(Marketwired - Sept. 30, 2015) - Tuckamore Capital Management Inc. (TSX:TX)(TSX:TX.DB.B) ("Tuckamore") announced today that its wholly-owned subsidiary, Tuckamore Holdings LP, has sold all of its interests in Gemma Communications, including its interests in Gemma Communications LP, Gemma GP Corp. and certain other related subsidiaries. The transaction consideration of up to $7 million consists of an initial purchase price of $4 million, of which $2.5 million is payable at closing with the remainder payable in instalments, plus an earn out of up to $3 million based on future revenues up to December 2016. The net aggregate proceeds from the sale were used by Tuckamore to reduce outstanding senior indebtedness. Year to date, Tuckamore has repaid approximately $9 million of its senior credit facility.

About Tuckamore

Tuckamore (http://tuckamore.ca) has investments in four businesses representing a diverse cross-section of the Canadian economy.

Forward-looking information

This press release contains forward-looking statements based on current expectations, including but not limited to Tuckamore's expectations and assumption in connection with the future payments to Tuckamore from the sale of the Gemma Group. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Tuckamore's business, including of the Gemma Group, are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com. Additional important factors that could cause actual results to differ materially include, but are not limited to, capital markets, economic conditions, dependence on key personnel, regulatory change, changes interest rates as well as the management and operations of the purchasers' business. Readers are cautioned that the foregoing is not exhaustive. Although the forward-looking statements are based on what management considers to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with these statements, and management's assumptions may prove to be incorrect. Forward-looking statements are not guarantees of future performance. In light of the significant uncertainties inherent in the forward looking information included herein, any such forward-looking information should not be regarded as representations by Tuckamore that its objectives or plans will be achieved. Investors are cautioned not to place undue reliance on any forward-looking information contained herein. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. In addition, these forward-looking statements relate to the date on which they are made. Tuckamore disclaims any intention or obligation to update or revise any forward-looking statements or the foregoing list of factors, whether as a result of new information, future events or otherwise, except to the extent required by law.