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Zimtu Capital Corp.

Suite 1450 - 789 West Pender St.
Vancouver, BC V6C 1H2
Phone: 604.681.1568
Fax: 604.681.8240
Toll Free: 1.877.377.6222
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News Releases

 October 17, 2008
Payment of Special Warrant Dividend Complete

 October 17, 2008 - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT) ("the Company"), a TSX Venture listed investment issuer, is pleased to announce that the distribution of a total of 50,000,000 Special Warrants of the Company to shareholders of Petrol One Corp. of record has been completed.

Petrol One Corp. ("Petrol One") acquired the Special Warrants of Zimtu in connection with a Share Exchange Agreement with the Company and 755032 B.C. Ltd. whereby the Company acquired all of the issued and outstanding common shares of 755032 B.C. Ltd. in exchange for the Special Warrants. The Special Warrants were issued to Petrol One at a deemed price of $0.12 per Special Warrant. Petrol One, in satisfaction of a share dividend owed to its shareholders as described in the news release dated April 17, 2006, has directed that all of the Special Warrants be distributed to those shareholders of the Company, then known as International Zimtu Technologies Inc. ("International Zimtu"), on record as of April 21, 2006. International Zimtu shareholders have received 15.44 Special Warrants for every 1 common share held as of April 21, 2006.

Shareholders of International Zimtu of record who held their shareholdings in a brokerage account at that time are urged to contact their investment adviser to ensure that they have received their Special Warrants. Each Special Warrant will automatically be converted into one common share of the Company on December 1, 2008.

At a Special Meeting of the Company held on Friday, October 10, 2008, shareholders approved the change of auditor from BDO Dunwoody LLP to Charlton & Company, Chartered Accountants, the consolidation of the common share capital of the Company on the basis of up to 10 old common shares for 1 new common share and the amalgamation of the Company with its wholly owned subsidiary, 755032 B.C. Ltd.

On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.

David Hodge
President & Director
604-681-1568
Fax: 604-681-8240
Email: dhodge@zimtu.com

The TSX Venture Exchange Inc. does not accept responsibility for the accuracy or adequacy of this news release.

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forwardlooking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
 
 

You can view the Next News Releases item: Thu Dec 4, 2008, Completion of Distribution and Consolidation of Share Capital

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