McCoy Corporation

McCoy Corporation

January 04, 2008 09:00 ET

McCoy Corporation Announces Sale of Assets in Fort St. John, B.C.

EDMONTON, ALBERTA--(Marketwire - Jan. 4, 2008) - McCoy Corporation ("McCoy" or the "Corporation") (TSX:MCB) announced today that it has sold the assets of its Real McCoy Service Centre in Fort St. John, British Columbia. The asset sale included fixed assets, office equipment and inventory, all of which were purchased by James Western Star Sterling Ltd. ("James Western Star").

Mr. Jim Rakievich, McCoy President and CEO, described the sale to James Western Star as a win-win situation.

"We're able to focus on our strengths and they're able to move into a new facility," he said. "We're pleased they were able to sublease our building and offer positions to all of our valuable employees."

Mr. Rakievich said the Fort St. John operation no longer fits into the Corporation's strategy to focus on major markets in Western Canada. McCoy has three other Real McCoy Service Centres, one in Red Deer, Alberta and two in Edmonton, all of which are well-established, solid businesses.

About McCoy Corporation

McCoy Corporation is a publicly traded company listed on the Toronto Stock Exchange under the symbol "MCB". McCoy has three operating segments and employs approximately 900 individuals in Alberta, British Columbia and Louisiana.

Truck & Trailer Products & Services

The Real McCoy Service Centres (a)

Peerless Limited

Prairie Truck Ltd. (50%)

Specializes in equipment installation, suspension work, welding, safety inspections, brake service, alignments, frame straightening, axles and hydraulics for heavy-duty and some light-duty trucks.

Trailer Manufacturing

Scona Trailer Manufacturing (a)

Peerless Limited

Produces lowboys, flat decks, step decks, oilfield, logging and specialty trailers.

Energy Products & Services

Farr Canada (a)

Inotec Coatings and Hydraulics Inc.

Rebel Metal Fabricators Ltd.

Superior Manufacturing & Hydraulics Inc.

Precision Die Technologies L.L.C.

Manufactures and services products for conventional and non-conventional oil and gas industry including: hydraulic power tongs, dies and inserts for tongs and slips/elevators, tong trucks, truck and trailer mounted hydrovac and vacuum tanks, computerized torque turn monitoring system, wear and corrosion resistant coatings, and specialized hydraulic services.

(a) divisions of McCoy Corporation

This release may contain forward looking statements within the meaning of the "safe harbor" provisions of U.S. and other applicable 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. The Corporation does not assume any obligation to update any forward looking information contained in this news release.

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