News Release For Immediate
Release
TORONTO, November 20, 2006 – Polyair
Inter Pack Inc. (the "Company")
(TSX/AMEX: PPK) announced today that it has
entered into an agreement to sell its 50.1%
interest in PXL Cross Linked Foam Corporation.
The sale is subject to the satisfaction of
certain conditions and is expected to close
at the end of November 2006. The Company
expects to receive approximately U.S.$2.5
million in consideration, which includes
repayment of shareholder loans, all of which
will be applied towards working capital and
capital expenditures in Polyair’s core
protective packaging business.
Mr. Victor D'Souza, interim Chief Executive
Officer of the Company, stated that “The
sale of our interest in PXL is in keeping
with our previously announced strategy of
narrowing the group’s focus to its
core protective packaging business. Funds
from this sale will further improve the Company’s
liquidity and provide funding to expand our
integrated packaging systems business, which
we believe has good growth potential.”
Polyair Inter Pack Inc. (www. Polyair.com)
through its Polyair Packaging Division manufactures
and distributes a wide range of protective
packaging products. These products are sold
to distributors and retailers across North
America. The company operates nine manufacturing
facilities, seven of which are in the USA
where it generates the majority of its sales.
Certain information included in this
release contains statements that are forward
looking. Such forward-looking information
involves risks and uncertainties that could
significantly affect anticipated results
in the future. We caution that forward-looking
statements should not be regarded as a
representation by the company that the
future plans, estimates, or expectations
contemplated by us will in fact be achieved.
Please refer to the Company’s
reports filed on SEDAR (www.sedar.com) and
EDGAR (www.sec.gov/edgar.shtml) for a description
of the business environment in which it operates
and important factors that may materially
affect its results. Polyair Inter Pack Inc.
is not under any obligation, and expressly
disclaims any such obligation, to update
or alter its forward-looking statements.
For more information contact:
Stysia Reay
Polyair Inter Pack Inc.
Phone: (416) 679-6591 |
