April 30, 2010 16:51 ET

Nordex Explosives Announces Postponement of Annual Meeting of Shareholders

MISSISSAUGA, ONTARIO--(Marketwire - April 30, 2010) -


LES EXPLOSIFS NORDEX LTEE/NORDEX EXPLOSIVES LTD. (TSX VENTURE:NXX) announces that its previously announced Annual General and Special Meeting of Shareholders (the "AGM"), originally scheduled to be held on May 6, 2010, has been postponed. The Company will announce a new date for the meeting in the very near future, in accordance with the requirements of Regulation 54-101 Respecting Communication with Beneficial Owners of Securities of a Reporting Issuer, and the Policy Statement to that Regulation of the Autorite des Marches Financiers.

On March 8, 2010 the Company announced that it had received a letter signed by 2 Dissident Shareholders representing approximately 16.3% of the outstanding common shares of the Company requisitioning the Company to call a Special Meeting of Shareholders to replace the existing Board of Directors with nominees suggested by the Dissidents.

The current Board of Directors of Nordex consists of John Kozak, the President and CEO of the Corporation, John Huxley, Bruce Bent and Jules Roy. 

The Board of Directors has been engaged in discussions with the Dissident Shareholders, whereby the Board of Directors proposed to increase the size of the board to include representation of both the nominees of the Dissident Shareholders and the existing Board of Directors and Management, however those discussions have not resulted in any agreement to date. 

The existing Board of Directors is of the opinion that it is in the best interests of all of the shareholders of the Company that there continues to be representation from the existing Board of Directors and the current Management of the Company on the new board, as the Dissident Shareholders have not advised as to their plans or proposals for the Company going forward, should they and their proposed nominees be in control of the board. 

On April 7, 2010, the Company announced that it had achieved its highest quarterly sales in the 40 year history of the Company for the fiscal quarter ending March 31, 2010. Sales for first quarter 2010 were approximately $2,750,000 for an increase of over 100% compared to the 2009 first quarter sales of $1,272,345.

John Kozak, President of Nordex, stated at that time "The combination of new mining clients and increased market share in the construction and quarry sectors contributed to the significant growth. The most recent four quarters have been Nordex's four best ever in terms of sales."

Total sales for the trailing twelve months ending March 31, 2010 were approximately $9,400,000 for an increase of over 60% compared to sales of $5,763,746 for the trailing twelve months ending March 31, 2009.

John Kozak, President of Nordex stated "The Company has achieved significant growth in terms of both sales and profits over the past year. The completion of the Company's new emulsion plant in 2009, and the new contracts with mining clients that have been entered into over the past year have all contributed to the growth of the Company. The Company is well poised to continue to expand and Management is enthusiastic about the long term potential for the Company. The Board of Directors has been attempting to continue discussions with the Dissident Shareholders to achieve a resolution however those discussions have not resulted in any proposal by the Dissident Shareholders that the Board of Directors feels is in the best interests of all of the Shareholders of the Company."

Forward-Looking Statements

Certain information included herein may contain "forward-looking statements" which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "may", "would",
"could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "seek", "predict", "potential" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; compliance with environmental regulations; exchange rate fluctuations as well as the other risks identified in the ''Risk Factors'' contained in the Company's Annual Management Discussion and Analysis and other public filings (copies of which may be obtained at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and the reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release, and, other than as required by law, the Company does not intend, and does not assume any obligation, to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

ABOUT NORDEX EXPLOSIVES: LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. is a manufacturer and distributor of explosives for the mining, quarry and road construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex trades on the TSX Venture Exchange under the symbol "NXX".

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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