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Transcontinental CFO and President of Media division Resign

Tuesday, January 24, 2006

Press release from the issuing company

MONTREAL, Jan. 23 -- Transcontinental Inc. today announced the departure of Andre Prefontaine, president of Transcontinental Media, its publishing and distribution subsidiary. The transition will be handled by Luc Desjardins, president and chief executive officer, who will take over in the interim. The Corporation also announced the resignation of Daniel Denault, chief financial officer, who has chosen to take up new challenges with a different company. Mr. Denault will remain with the company until February 17, when Benoît Huard, corporate treasurer since 2002, will be appointed interim CFO. Mr. Huard has held a number of top positions in the financial management of major public corporations over the course of his career. "Andre Prefontaine and Daniel Denault have contributed to the company's success for ten and eight years respectively," said Luc Desjardins. "I've worked with both of them a great deal and have appreciated their personal and professional qualities. They have both established solid teams with whom we can pursue our growth. On behalf of senior management, I thank them for their contribution and wish them every success in their future projects." Andre Prefontaine headed Transcontinental Media during a period of intense growth that saw the acquisition, among others, of the Telemedia and Avid Media magazines and the CanWest and Optipress newspapers, as well as the launch of the magazine Elle Canada and the daily paper Metro. Daniel Denault instituted disciplined financial management and strengthened Transcontinental's credibility in the financial community. Mr. Denault said: "My experience at Transcontinental was highly stimulating. The company has developed a solid business plan that is already well underway. I am proud to have contributed to the growth and success of Transcontinental. It is a very fine company with excellent values."




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