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Cossette responds to letter received from Cosmos Capital

Posted on: Friday, 7 August 2009, 14:41 CDT

KOS (TSX)

QUEBEC CITY, Aug. 7 /PRNewswire-FirstCall/ - Cossette Inc. ("Cossette" or the "Company") announced today that it has responded to a letter from Cosmos Capital Inc. ("Cosmos") dated August 6, 2009 requesting initial access to the books and records of Cossette by no later than August 17, 2009 (the "Due Diligence Request") in connection with the non-binding proposal made by Cosmos on behalf of a group of investors (the "Cosmos Group") to acquire all of the outstanding subordinate voting shares of Cossette, including the subordinate voting shares resulting from the conversion of all outstanding multiple voting shares, other than shares owned by the members of the Cosmos Group and their affiliates (the "Proposal").

In this letter, Cossette reminded Cosmos that following the Proposal, the board of directors of Cossette (the "Board") established a special committee (the "Special Committee") comprised of four independent directors to consider the Proposal and review the various strategic alternatives available to Cossette and that the Special Committee has retained Ogilvy Renault LLP as its legal advisors and BMO Capital Markets as financial advisors to Cossette, as announced in press releases dated July 20, 2009 and August 4, 2009.

Cossette confirmed to Cosmos that the Board and the Special Committee, with the assistance of its legal and financial advisors, are diligently reviewing the Proposal and evaluating all of Cossette's strategic alternatives, as announced in a press release dated August 4, 2009, and that once they have completed such review and evaluation, the Board and the Special Committee will be in a position to formally respond to the Proposal and Due Diligence Request.

The Board and the Special Committee are fully committed to building and maximizing value for Cossette shareholders.

Cossette Inc. offers a full range of leading-edge communication services to clients of all sizes, including some of the most prestigious brands in the world. A customer-driven organization built around highly specialized business units, Cossette also offers Convergent Communications(TM), a unique working method that brings added value to the client by integrating various services offered by the Group, including strategic planning and research, advertising, media buying and channel planning, sales promotion, direct response, database and direct marketing, customer relationship management, interactive marketing and technology solutions, public relations, organizational communication and change management, sponsorship and alliance marketing, branding and design, ethnic marketing, business-to-business communications (B2B practices) and print and video production. Cossette has approximately 1,485 employees and offices in Quebec City, Montreal, Toronto, Vancouver, Halifax, New York, Irvine, Los Angeles, London and Shanghai.

SOURCE COSSETTE INC.

Source: PR Newswire

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