MONTREAL, QUEBEC--Francois Morency, President of Cervin Capital Corporation ("Cervin"), a Junior Capital Pool Company trading on The Alberta Stock Exchange, is pleased to announce that the Company has entered into a letter of offer dated April 8, 1998 and agreed, subject to the regulatory and shareholder approval, to complete a Major Transaction in accordance with Alberta Securities Commission Rule 46-501. The proposed Major Transaction consists of the arm's lenght acquisition of all the issued and outstanding shares of Rankin Research Corporation ("Rankin"). Rankin is a privately- owned company based in Montreal with main operations located at 9280, L'Acadie, Montreal, Quebec. Rankin's principal business is to develop, manufacture and operate Boomerang, a new tracking system, capable of locating stolen vehicles within minutes. The tracking device utilizes cellular technology, not satellites, to pinpoint the location of a stolen vehicle anywhere in North America. In Canada, Boomerang uses the Bell Mobility network. The acquisition of the Rankin shares from the Rankin shareholders, consisting principally of Paul-Andre Savoie, Andre Boulay, Peter Lashchuk and Robert Nelson, will result in a reverse take-over of Cervin by the Rankin shareholders. The parties agreed that the aggregate purchase price for the Rankin shares shall be $3,344,000 payable by the issuance of approximately 15,200,000 Class "A" Shares of Cervin at a deemed value of approximately $0.22 per share. It is expected that the new board of directors of Cervin will consist of Paul-Andre Savoie, Andre Boulay, Peter Lashchuk, Robert Nelson and Richard Lange and four other Nominees, who's will be revealed at a later date. Paul-Andre Savoie is one of the founders of Rankin and currently serves as President. He is responsible for overseeing growth and strategic planning of Rankin. Andre Boulay is the second founder of Rankin and is Vice-President. The acquisition of the Rankin shares is expected to be completed concurrently and shall constitute Cervin's Major Transaction in accordance with Alberta Securities Commission Rule 46-501. The completion of the Major Transaction is subject to satisfactory completion of a formal agreement among the parties and appropriate due diligence enquiries and investigations by the parties. The Transaction is subject to regulatory approval.
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