Newcap Inc. receives CRTC approval to sell its Thunder Bay Assets to Acadia
Broadcasting Limited

DARTMOUTH, NS, Dec. 2 /CNW/ - Newfoundland Capital Corporation ("NCC" or "Company") (TSX: NCC.A, NCC.B) announced today that its wholly-owned subsidiary, Newcap Inc., has received approval from the Canadian Radio-television and Telecommunications Commission (CRTC) for the sale of its two FM stations in Thunder Bay, Ontario to Acadia Broadcasting Limited. This transaction, previously announced on July 14, 2009 , is expected to close within the next 30 days.

About Newfoundland Capital Corporation Limited

Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of Canada's leading radio broadcasters with 79 licences across Canada . The Company reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales and networking.

About Acadia Broadcasting Limited

Acadia Broadcasting Limited is a community focused radio broadcaster with 10 licenses in New Brunswick , Nova Scotia and Ontario. The company's original station CHSJ in Saint John, NB has been on the air since 1928.

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For further information: REF: Robert G. Steele, President and Chief Executive Officer; David J. Murray, Chief Operating Officer; Scott G.M. Weatherby, Chief Financial Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 745 Windmill Road, Dartmouth, Nova Scotia B3B 1C2, Tel: [phone], Fax: [phone], e-mail: [email protected]; Web: www.ncc.ca; Jim MacMullin, Vice President, Acadia Broadcasting Limited, 2 King Street, Suite 200, Saint John, NB, E2L 1G2 Tel: [phone], Fax: [phone], e-mail [email protected]; Web www.acadiabroadcastinglimited.ca