Polyair Inter Pack Inc.

Polyair Inter Pack Inc.

January 02, 2008 17:11 ET

Polyair Inter Pack Inc. Announces Change in Shareholders and Resignation of Chairman

TORONTO, ONTARIO--(Marketwire - Jan. 2, 2008) - Polyair Inter Pack Inc. (TSX:PPK), announced today that it has been advised that its Chairman, Mr. Fred Litwin, and Consolidated Mercantile Inc. ("CMI"), a company controlled by Mr. Litwin, have sold to Glencoe Skydome Holdings, L.P. ("GSH") 1,574,845 common shares of Polyair. Polyair is advised that as a result of this transaction, and an additional purchase of 4,000 shares, GSH's beneficial ownership in Polyair Inter Pack Inc has increased from approximately 26.9% to approximately 48.7% of the Company's outstanding share capital.

Polyair also announced Mr. Litwin's resignation as Chairman of the Company's Board of Directors. The Company will shortly be appointing a successor Chairman. Mr. Litwin, who has served as Chairman since the Company went public in 1996, has advised the Board that he will be devoting his time and attention to his various business interests. The Company has agreed to pay $300,000 over the next six months to Forum Financial Corporation, a company controlled by Mr. Litwin, in consideration of past services provided to the Company by Mr. Litwin and another officer of Forum Financial. The Company's board of directors expressed its appreciation for the contribution made by these individuals in the growth of Polyair and the recent successful reorganization of its business.

Polyair Inter Pack Inc. (www.Polyair.com) manufactures and distributes a wide range of protective packaging products and swimming pool covers in North America. The Company operates eight manufacturing facilities, seven of which are in the USA where it generates the majority of its sales.

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