Goderich Elevators Limited

February 24, 2010 12:51 ET

Goderich Elevators Limited Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2010) - Goderich Elevators Limited ("Goderich Elevators") is pleased to announce that it will be proceeding with a normal course issuer bid (the "Bid").

Goderich Elevators may, during the 12 month period commencing March 1, 2010 and ending March 1, 2011, purchase on the over-the-counter market up to 16,003 common shares, being less than five percent (5%) of the total number of common shares outstanding. As at February 24, 2010, 320,066 common shares were issued and outstanding. The price which Goderich Elevators will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of Goderich Elevators. All common shares purchased pursuant to the Bid will be cancelled.

Goderich Elevators believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Goderich Elevators and its future business prospects. As a result, depending upon future price movements and other factors, Goderich Elevators believes that its outstanding common shares may represent an attractive investment to Goderich Elevators. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Goderich Elevators.

About Goderich Elevators Limited
Goderich Elevators Limited, a reporting issuer in Ontario, is a company engaged in the storage, conditioning, processing and handling of grain through its facilities at Goderich, Port Colborne, and G.S. Dunn in Hamilton.

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