Conporec Inc.

Conporec Inc.

June 14, 2007 14:46 ET

Conporec's shareholders elect administrators for 2007, approve shares consolidation and nominate new auditors

SOREL-TRACY, QC, June 14 - Conporec inc. ("Conporec" or the
"Company") (TSX VENTURE:CNP) announces today it has completed the
composition of the Board of Directors, the adoption of a resolution to
consolidate its shares, and nominated new auditors. At the general annual
meeting held last June 12, shareholders reappointed the members of the Board
of Directors, i.e.: Messrs. Jean Beaudoin (Canada), Laurier Pedneault
(Canada), Jacques Putzeys (Monaco), Normand Ricard (Canada), Jean-Marie
Santander (France), and Pieter Visser (Netherlands). Moreover, as announced in
the annual notice, the shareholders adopted a resolution for a 10:1
consolidation of its issued and outstanding common shares. The Company Board
of Directors will determine the appropriate moment to proceed. The
shareholders also decided during this meeting to nominate Samson Bélair /
Deloitte & Touche s.e.n.c.r.l. as the new Company auditors.

In a subsequent Board meeting, the directors acknowledged
Mr. Laurier Pedneault's wish to step down as Chairman of the Board after
having served almost ten years in that position. Mr. Pedneault estimates the
Company has attained an adequate development phase to pass the torch to the
person he selected to be his successor, Mr. Jean Beaudoin, currently President
and CEO. Mr. Pedneault considers the latest developments, namely the $14.5M
capital infusion by Amsterdams Effectenkantoor B.V. ("AEK"), a Dutch financial
group, as well as the financial reorganization which erased a long term debt
of more than $12.5M will help the Company profit from the strong market in
waste recovery using its state-of-the-art technologies.

"The target set three years ago to implement a world-class corporation in
waste recovery is now essentially reached. I am thus leaving the position of
Chairman of the Board with the feeling of having created a strong structure
and having put in place a top management team able to face the significant
challenges set forth in the company's business plan", said Mr. Pedneault.
Although he remains a director of the Company, Mr. Pedneault is also, through
his holding corporation, Congébec Capital Ltd., the largest Conporec
shareholder after AEK, with more than 10% of outstanding shares. Congébec
Capital Ltd also has the right to appoint three board members until December

The directors acknowledged Mr. Pedneault's important contribution and
thanked him for his significant efforts to develop the Company; they also
unanimously elected Mr. Jean Beaudoin as Chairman of the Board; he will also
remain President and CEO. "Mr. Pedneault's legacy and drive as Chairman of the
Board today allow Conporec a great many possibilities to implement its
technologies in a fast growing market. As President and CEO and now Chairman
of the Board, I will pursue this market development and efficient Company
management in the best interest of the shareholders", stated Mr. Beaudoin.

About Conporec

Conporec Inc. develops and operates various patented composting and
sorting technologies for the treatment and recycling of municipal solid waste.
These technologies reduce the need for landfill disposal by treating 100% of
the organic content and achieving a beneficiation rate of 75% of the original
waste mass. These technologies help reduce greenhouse gases. Conporec
successfully operates a sorting-composting plant in Sorel-Tracy, Quebec, and
recently delivered a second facility (New York State, USA). A third facility
is currently under construction in a suburb of Paris (France) and a fourth
will soon be underway near Perth, Australia. Through Biomax Inc., the Company
has also delivered about thirty different composting facilities that can
produce more than 300,000 tonnes of compost annually. Conporec is a socially
responsible organization listed on the TSX Venture Exchange.

Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.

Contact Information

  • Jean Beaudoin, Chairman of the Board and CEO,
    Conporec Inc., (450) 746-9996, (418) 527-9996; Frédéric Bérard, HKDP
    Communications and Public Affairs, (514) 395-0375, ext. 230; Source: Conporec