Montreal, July 2, 2002 –Transcontinental Media announced today that it has acquired the Ottawa Business Journal, a weekly business journal covering the Ottawa region, and its ancillary products. The publication, acquired from InBusiness Solutions Inc., employs about twenty people. With over 21,000 copies distributed for free each week, the Ottawa Business Journal is the Ottawa region’s leading source of local business news and information. Its ancillary products are primarily annual publications that constitute important resources for anyone doing business in Ottawa. "This transaction is in line with our strategy of acquiring targeted publications in high-growth niches," said André Préfontaine, President of Transcontinental Media. "The Ottawa Business Journal is an excellent complement to our portfolio of business and financial publications and its acquisition fits our plan of expanding our network of regional business publications, which already covers the Montreal and Quebec City regions with prestigious titles that include Les Affaires, Le Journal Économique and Connexions Affaires. This is a well-established and respected publication and we are proud to be able to count on its team of seasoned professionals for our continued development in the Ottawa region." The fourth largest print media group in Canada, with annual revenues of $400 million and over 2000 employees, Transcontinental Media is the leading publisher of consumer magazines in Canada and the second-largest publisher of regional and community newspapers. Through its well-known Publi-Sac (Ad-Bag), it is also the top door-to-door distributor of advertising material in Quebec. Transcontinental Media is a wholly owned subsidiary of Transcontinental Group, which is listed on the Toronto Stock Exchange.