Elephant & Castle Group and Repechage Investments complete plan of arrangement

On April 20, 2007, Elephant & Castle Group Inc. and Repechage Investments Limited completed the plan of arrangement under the Business Corporations Act (British Columbia) approved by the British Columbia Supreme Court on March 14, 2007. Pursuant to the arrangement, Repechage Restaurant Group Ltd., a wholly-owned subsidiary of Repechage Investments Limited acquired all of the outstanding securities of the Company. Repechage Investments is an investment company formed under the laws of Newfoundland and Labrador that holds investments in the transportation, service and real estate sectors. Elephant & Castle is the premier operator and franchisor of authentic British-style pubs with 24 locations throughout North America. Elephant & Castle was advised in this transaction by a team from Fasken Martineau comprised of Georald Ingborg, Sarah Mamoser, Andrew Jackson, David Martin, Frank Schober, Ben Lee and articled student Amanda McAdams.