Merus Labs International (MSLI) 6-K Current report (foreign)

Exhibit 99.1

ENVOY CAPITAL GROUP INC.
ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL
2009

TORONTO, ON — May 14, 2009 —Envoy Capital Group Inc. (NASDAQ: ECGI/ TSX: ECG) today announced its financial results for its second quarter of fiscal 2009.

For the quarter ended March 31, 2009, Envoy incurred a net loss of ($1.2) million or ($0.15) per fully diluted share compared with a net loss of ($1.0) million or ($0.10) per fully diluted share for the same quarter last year. The per share calculations are based on fully diluted weighted average shares outstanding of approximately 8.6 million for the current quarter and 9.4 million for last year.

The Consumer and Retail Branding Division, Watt International Inc., incurred a loss of ($465,000) in the second quarter compared with profit of $495,000 last year. The current period loss includes approximately $180,000 in non-recurring expenses.

The Merchant Banking Division incurred a loss of ($397,000) during the second quarter this year compared with a loss of ($904,000) last year.

For the three month period ending March 31, 2009, the Merchant Banking Division experienced a negative return on its invested assets of only 0.2% compared to a negative return of 13.3% on the DJIA, negative 11.6% on the S&P 500 and negative 3% on the TSX.

“Our conservative approach to investing during this difficult recessionary economy and turbulent stock market has protected our assets at a time when others have experienced unprecedented losses” said Joe Leeder, President of Envoy Capital Group. “Markets have improved recently and there are signs that economic recovery may be nearing. However, we continue to adopt a conservative approach”.

Management’s discussion and analysis, containing a full analysis of financial results, is available on EDGAR (www.sec.gov/edgar.shtml) and on SEDAR (www.sedar.com).

About Envoy Capital Group Inc.

Envoy Capital Group Inc. (NASDAQ:ECGI / TSX:ECG) is a merchant banking organization that focuses on providing financial services as well as equity and debt capital, to small and mid-cap companies. For more information on Envoy Capital Group Inc., visit our website at www.envoy.to

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Cautionary Statement

Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of Section 21E (i) (1) of the United States Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Envoy Capital Group’s actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for Envoy Capital Group’s services, changes in competition, the ability of Envoy Capital Group to integrate acquisitions or complete future acquisitions, interest rate fluctuations, currency exchange rate fluctuations, dependence upon and availability of qualified personnel and changes in government regulation. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by Envoy Capital Group that Envoy Capital Group’s plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise the statements.

For further information, please call:
Envoy Capital Group Inc.
Contact: Joseph Leeder
Tel: (416) 593-1212

Or contact our investor relations department at: info@envoy.

Envoy Capital Group Inc.
Consolidated Balance Sheet Highlights
Unaudited — Prepared by Management
(Expressed In Canadian dollars)

	March 31		September 30
As at:	2009		2008
Current assets	$	28,196,632	$	28,822,868
Long-term assets		7,343,634		7,659,176
		35,540,266		36,482,044
Current liabilities		5,707,250		4,322,723
Long-term liabilities		—		—
		5,707,250		4,322,723
Minority interest		14,016		—
Shareholders’ equity		29,819,000		32,159,321
	$	35,540,266	$	36,482,044

Financial Highlights
Envoy Capital Group Inc.
Consolidated Statements of Operations
Unaudited — Prepared by Management
(Expressed In Canadian dollars)

	March 31			March 31
For the six months ended:	2009			2008
Net revenue from consumer branding business	$	6,996,499		$	7,533,159
Net investment (losses) gains		(476,542	)		69,268
Interest and dividend income		208,155			437,057
		6,728,112			8,039,484
Operating expenses:
Salaries and benefits		6,838,372			6,407,487
General and administrative		1,414,888			1,559,790
Occupancy costs		390,235			320,431
		8,643,495			8,287,708
Depreciation		351,232			368,446
Interest expense and financing costs		17,259			30,041
		9,011,986			8,686,195
Loss before income taxes and minority interest		(2,283,874	)		(646,711	)
Income tax recovery		—			(25,780	)
Loss before minority interest		(2,283,874	)		(620,931	)
Minority interest		(3,030	)		—
Net loss		(2,280,844	)		(620,931	)
Loss per share
Basic	$	(0.27	)	$	(0.07	)
Diluted	$	(0.27	)	$	(0.07	)
Weighted average number of common shares outstanding — basic		8,558,556			9,460,135
Weighted average number of common shares outstanding — fully diluted		8,558,556			9,460,135

Envoy Capital Group Inc.
Consolidated Statements of Retained Earnings (Deficit)
Unaudited — Prepared by Management
(Expressed In Canadian dollars)

(Deficit) retained earnings, beginning of period	$	(7,064,010	)	$	3,094,135
Net loss		(2,280,844	)		(620,931	)
(Deficit) retained earnings, end of period	$	(9,344,854	)	$	2,473,204

Financial Highlights
Envoy Capital Group Inc.
Consolidated Statements of Operations
Unaudited — Prepared by Management
(Expressed In Canadian dollars)

	March 31			March 31
For the three months ended:	2009			2008
Net revenue from consumer branding business	$	3,054,725		$	3,864,230
Net investment losses		(125,614	)		(664,884	)
Interest and dividend income		70,435			149,248
		2,999,546			3,348,594
Operating expenses:
Salaries and benefits		3,372,752			3,190,963
General and administrative		524,526			772,470
Occupancy costs		170,302			163,324
		4,067,580			4,126,757
Depreciation		163,757			180,900
Interest expense and financing costs		12,764			20,078
		4,244,101			4,327,735
Loss before income taxes and minority interest		(1,244,555	)		(979,141	)
Income tax expense		—			—
Loss before minority interest		(1,244,555	)		(979,141	)
Minority interest		(1,542	)		—
Net loss		(1,243,013	)		(979,141	)
Loss per share
Basic	$	(0.15	)	$	(0.10	)
Diluted	$	(0.15	)	$	(0.10	)
Weighted average number of common shares outstanding — basic		8,558,377			9,415,316
Weighted average number of common shares outstanding — fully diluted		8,558,377			9,415,316

Envoy Capital Group Inc.
Consolidated Statements of Retained Earnings (Deficit)
Unaudited — Prepared by Management
(Expressed In Canadian dollars)

(Deficit) retained earnings, beginning of period	$	(8,101,841	)	$	3,452,345
Net loss		(1,243,013	)		(979,141	)
(Deficit) retained earnings, end of period	$	(9,344,854	)	$	2,473,204