Goderich Elevators Limited

May 24, 2006 09:42 ET

Goderich Elevators Limited Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - May 24, 2006) - Goderich Elevators Limited ("Goderich Elevators") announced today that it has filed with the Ontario Securities Commission a notice of its intention to make a normal course issuer bid (the "Bid").

The notice provides that Goderich Elevators may, during the 12 month period commencing May 31, 2006 and ending May 31, 2007, purchase on the over-the-counter market up to 16,168 common shares, being less than five percent (5%) of the total number of common shares outstanding. As at May 31, 2006, 323,366 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 and Port Colborne, Ontario. The company also mills mustard seed through its facilities at G.S. Dunn in Hamilton, Ontario.

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