Madison Venture Corporation acquired 45% interest in ERIS and STP Businesses from GVIC Communications Corp. (TSX:GCT) and Glacier Publications Limited Partnership for CAD 11 million on July 7, 2020. GVIC Communications sold 15.22% and Glacier Publications Limited Partnership sold 39.78%. GVIC Communications will retain 100% of the cash flow of the Businesses attributed to Madison’s 45% interest for two years in exchange for the 45% interest. Pursuant to the Limited Partnership agreement, Madison has the right, for a period of 3 years following closing, to acquire from GVIC Communications an additional 4% of the outstanding Units at the pro rata Enterprise Value per Unit and an additional 2% of the outstanding Units at the greater of the pro rata fair market value per Unit and the pro rata Enterprise Value. The Agreement contains a buy/sell provision that is exercisable after 3 years and a mutual right of first refusal. A Special Committee of the board of Directors of GVIC Communications, comprised of the Director independent from Madison and Glacier Media, was formed to review the transaction and determine whether the terms of the transaction are reasonable in the circumstances. As a part of oversight of the transaction, a special committee of independent Directors of Glacier was formed and Glacier's special committee and its board confirmed the financial difficulty faced by GVIC Communication and were supportive of the transaction. The proceeds from the transaction will alleviate the GVIC Communications’ current financial distress and help maintain debt at acceptable levels. Blake, Cassels and Graydon LLP acted as legal advisor to special committee. Marckenz Group Capital Partners acted as financial advisor to special committee. Marckenz Group Capital Partners acted as fairness opinion provider to special committee. Madison Venture Corporation completed the acquisition of 45% interest in ERIS and STP Businesses from GVIC Communications Corp. (TSX:GCT) and Glacier Publications Limited Partnership on July 7, 2020.