IPL Inc.
TSX : IPI.A

IPL Inc.

December 10, 2009 10:55 ET

IPL Inc. Retains Ernst & Young Orenda as Strategic Advisor

SAINT-DAMIEN, QUEBEC--(Marketwire - Dec. 10, 2009) - IPL Inc. (TSX:IPI.A) ("IPL"), one of North America's leading manufacturers of plastic products, announces its board of directors has constituted a strategic review committee of independent directors to investigate and evaluate the various strategic alternatives available to IPL. The strategic review committee is comprised of Messrs. Pierre Racine (Chairman), Alain Michel and Jean-Yves Leblanc. IPL has retained Ernst & Young Orenda Corporate Finance Inc. as advisors to assist in this process.

The board of directors of IPL believes that it is in IPL's best interests to proceed with this review at this time given its strategic objectives and anticipated growth opportunities.

"This process, which should allow IPL to recapitalize and finance its growth, is supported by its principal shareholders," said Julien Metivier, IPL's Chairman.

IPL cautions shareholders that there is no assurance whether it will receive a definitive proposal from a third party as a result of this initiative. Also, even if a definitive proposal is received, there is no assurance that such a proposal will be recommended by the strategic review committee or IPL's board of directors or that such proposal will be implemented. IPL does not intend to update its progress with respect to potential strategic transactions unless a definitive agreement is reached or a determination is made not to pursue a transaction.

About IPL

IPL Inc. is one of the leading North American producers of moulded plastic products through injection and extrusion for various industrial manufacturing sectors. IPL employs close to 900 people in its four plants located in Saint-Damien, Saint-Lazare and Lawrenceville (Quebec), and Edmundston (New Brunswick). The Company manufactures and markets over 400 products for the packaging, materials handling and environment sectors. IPL also provides highly technical value-added custom moulding services for the transport industry, as well as for various industrial uses. Further information about IPL is available at www.ipl-plastics.com.

Forward Looking Statements

With the exception of historical information, this press release may contain declarations of a speculative nature with regard to the Company's future performance. These are made based on assumptions, uncertainties and management's best estimates with regard to future events, and are subject to certain risks factors. Such factors might include, but are not limited to, fluctuations in quarterly results, changes in customer demand for the Company's services and the impact of competitive price pressures, as well as general market trends and changing economics. Consequently, readers are advised that actual results may be different than expected results.

This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. New Millennium does not assume any obligation to update any forward looking information contained in this news release.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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