VAUGHAN, ONTARIO--(Marketwire - Jan. 20, 2012) - Magnotta Winery Corporation (TSX:MGN) (the "Company") announced today the completion of its previously announced going private transaction pursuant to which Magnotta Family Holdings Ltd. ("Magnotta Holdings"), a corporation controlled by members of the Magnotta family, effectively acquired all of the Company's outstanding common shares (other than those held by Magnotta Holdings and the Magnotta family) at a price of $2.90 per share (the "Transaction"). At a special meeting of the Company shareholders held on January 18, 2012, the Transaction was approved by approximately 99.19% of the votes cast by minority shareholders present in person or represented by proxy at the meeting and approximately 99.74% of the votes cast by all shareholders present in person or represented by proxy at the meeting.

Company shareholders who held their common shares through a broker or other financial intermediary will receive payment of the purchase price for their common shares through the broker or other financial intermediary, following the deposit by the broker or financial intermediary of share certificates with CIBC Mellon Trust Company, the depositary for the Transaction. Shareholders who hold their common shares in registered form will receive payment of the purchase price following the deposit of their share certificates with the depositary in accordance with the instructions contained in the Letter of Transmittal previously sent to registered shareholders. Any questions regarding payment of the purchase price, including any request for an additional copy of the Letter of Transmittal, should be directed to the depositary via telephone at 1.800.387.0825 (toll free in North America) or 416-643-5500 or via e-mail at [ inquiries@cibcmellon.com ].

With the completion of the Transaction, the Company will cease to be listed for trading on the Toronto Stock Exchange.