Northern Financial Corporation

Northern Financial Corporation
Added Capital Corp.

November 21, 2007 11:05 ET

Added Capital Corp. and Lakeside Steel Corporation Receive Conditional Approval for Qualifying Transaction

CALGARY, ALBERTA and TORONTO, ONTARIO--(Marketwire - Nov. 21, 2007) -


Added Capital Corp. ("Added") (TSX VENTURE:ACI.P) and Lakeside Steel Corporation ("Lakeside") are pleased to announce that they have received conditional approval from the TSX Venture Exchange for their previously announced qualifying transaction (the "Transaction") (see press release dated August 29, 2007). As part of the Transaction, Lakeside will complete a financing on a private placement basis that is expected to raise between $15 million and $25 million. Northern Securities Inc. has been retained to act as lead agent in connection with the financing.

Pursuant to the Transaction, Added will acquire all of the issued and outstanding shares of Lakeside pursuant to a three cornered amalgamation between Added, Lakeside and a wholly-owned subsidiary of Added. A filing statement (the "Filing Statement"), containing a detailed description of the transaction has been filed on Added's SEDAR profile at on November 20, 2007 and it is anticipated that the Transaction will close on or about November 28, 2007.

About Lakeside

Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside's list of customers include large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern Canada and the Northeastern United States. Lakeside manufactures a variety of products for these industries including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside serves customers worldwide, either directly or indirectly, in Canada, China, Australia and the United States.

Added's shares were listed on the TSX Venture Exchange and immediately halted pending the Company's announcement of the previously announced Qualifying Transaction. Trading in shares will resume subject to the receipt of appropriate filing documentation.

Completion of the Transaction is subject to a number of conditions including, but not limited to receipt of the final approval of the, TSX Venture Exchange acceptance.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disproved the contents of this press release.

Forward Looking Information

This press release contains certain forward looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to current expectations and projections about future results. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or information that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by the forward-looking information to be materially different from those expressed or implied by such forward-looking information, including risks associated with: Volatility of Metal Prices and Cyclical Nature of Business, Oil and Gas Sector Volatility, Increased Imports, Cost Increases, General Economic Slowdown and Limited History of Operations . Although Added and the Company have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Added and the Company do not undertake to update any forward-looking information except in accordance with applicable securities laws.

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

Contact Information