Counsel Corporation
TSX : CXS

Counsel Corporation

December 21, 2007 11:15 ET

Counsel Corporation Announces Renewal of Normal Course Issuer Bid for Common Shares

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2007) - Counsel Corporation (TSX:CXS) ("Counsel") announced today that the Toronto Stock Exchange (the "Exchange") has accepted Counsel's notice of its intention to renew its normal course issuer bid for its common shares. Counsel's normal course issuer bid will be made in accordance with the rules and policies of the Exchange. Counsel's normal course issuer bid for its common shares expired on December 19, 2007. Counsel may begin purchasing common shares on December 27, 2007 and will end such purchases on December 24, 2008, or on such earlier date as Counsel completes its purchases.

Pursuant to the notice, Counsel may, over the next 12 months, acquire for cancellation up to 5 percent of the total of its common shares outstanding. Based on a total of 47,782,262 common shares outstanding on December 13, 2007, Counsel could acquire 2,389,113 common shares under its normal course issuer bid. Purchases will be made at market prices through the facilities of the Exchange. Daily purchases will be limited to 10,771 common shares, other than block purchase exceptions.

Counsel also entered into a pre-defined plan with its designated broker to allow for the repurchase of common shares at times when the Company ordinarily would not be in the market due to its own internal trading blackout periods, insider rules or otherwise.

Counsel believes that, on occasion, common shares become available at prices which make their purchase an appropriate use of the Corporation's funds. As of December 13, 2007, Counsel had purchased 710,000 of the 2,324,623 common shares, at an average price of $0.752 per share, approved for purchase under its normal course issuer bid which expired December 19, 2007.

About Counsel Corporation

Counsel Corporation (TSX:CXS) is a global asset management firm that actively partners with businesses to achieve shared success and to unlock value through leveraging our relationships, our access to capital and our strategic market experience. For further information, please visit Counsel's website at www.counselcorp.com.

This release involves forward-looking statements with respect to business plans, acquisition prospects, development of relationships with third parties and other plans and expectations on the part of the Company. The accuracy of these statements involve a number of risks and uncertainties, including but not limited to the availability of acquisition prospects and financing for such prospects, changing economic and market conditions that would impact such prospects or financing related thereto, changes in governmental regulations and laws, as well as other risk factors detailed in the securities filings of Counsel Corporation (TSX:CXS) to which recipients of this release are referred for additional information concerning the Company and its prospects.

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