Polyair Inter Pack Inc.

Polyair Inter Pack Inc.

July 15, 2009 11:38 ET

Polyair Shareholders Approve Going Private Transaction Consolidation of Common Shares

TORONTO, ONTARIO--(Marketwire - July 15, 2009) - Polyair Inter Pack Inc. (NEX BOARD:PPK.H) ("Polyair" or the "Company") announced today that the amendment of the Company's articles to effect the going private transaction by way of consolidation of its Common Shares on a 5,000,000:1 basis was approved by a special resolution of the Company's shareholders at its annual and special meeting held on July 13, 2009, and that the Company has filed articles of amendment to effect the consolidation. The consolidation took effect at 11:59 p.m. on July 14, 2009 (the "Effective Date").

Shareholders are entitled to receive a payment of $0.05 per share (the "Share Consideration") for each Common Share held immediately prior to the Effective Date. In order for shareholders to receive the Share Consideration, they must first complete and sign and return to Computershare Investor Services Inc. (the "Depositary") a Letter of Transmittal (and a Substitute Form W-9 for US shareholders), together with the certificate(s) representing their Shares held, and all other requisite documentation, in accordance with the procedures specified in the Letter of Transmittal. Non-Canadian shareholders may be subject to a withholding tax.

As soon as practicable following the Effective Date of the Consolidation and receipt of all required documentation, the Depositary will send, or cause to be sent, to each Shareholder who has submitted a duly signed and completed Letter of Transmittal a cheque for the aggregate Share Consideration payable in respect of the Common Shares held by such Shareholder.

Only registered Shareholders or the persons they appoint as their proxies are required to complete, sign and submit the Letter of Transmittal. Shareholders who own Shares beneficially are not required to submit a Letter of Transmittal. Shareholders whose Shares are registered in the name of a broker, investment dealer, bank, trust company or other nominee must contact their nominee holder to arrange for the surrender of their Shares.

A copy of the Letter of Transmittal and Substitute Form W-9 (for US shareholders only) can be found on the SEDAR website at www.sedar.com.

Polyair Inter Pack Inc. (www.polyair.com) manufactures and distributes a wide range of protective packaging products and swimming pool solar 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. All above amounts are in US dollars, unless otherwise noted.

Certain information included in this news release contains statements that are forward-looking, such as statements relating to anticipated future revenues and profitability of the Company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Polyair Inter Pack Inc. In addition, Polyair Inter Pack Inc. expressly disclaims any obligation to publicly update or alter its previously issued forward-looking statements.

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.

Contact Information

  • Polyair Inter Pack Inc.
    Michael McEntee
    Chief Financial Officer
    Polyair Inter Pack Inc.
    Stysia Reay
    Investor Relations