Savaria Corporation
TSX : SIS

Savaria Corporation

May 15, 2006 11:24 ET

Savaria Corporation Announces Extension of Normal Course Issuer Bid

LAVAL, QUEBEC--(CCNMatthews - May 15, 2006) - Savaria Corporation (TSX:SIS) www.savaria.com, the second largest company in the accessibility equipment industry in North America today announced that it has received Toronto Stock Exchange ("TSX") approval to a Notice of Intention to continue a normal course issuer bid through the facilities of the TSX, permitting Savaria Corporation to repurchase for cancellation up to 1,000,000 of the 29,633,246 common shares that are currently issued and outstanding. The bid will commence on May 17, 2006, and run until the earlier of the date on which purchases under the bid have been completed and May 16, 2007.

These purchases are to be made through the facilities of the TSX in accordance with its policy statements on normal course issuer bids. The price, which Savaria Corporation will pay for any common shares, will be the market price at the time of acquisition plus brokerage fees.

As of May 15, 2006, the Issuer had purchased 86,700 common shares at an average price of $1.69 per share since the commencement of the normal course issuer bid that began May 17, 2005.

To the knowledge of the directors and officers of Savaria Corporation, no director or officer, associate of a director or officer of Savaria Corporation, no person acting jointly or in concert with Savaria Corporation nor any person holding 10 percent or more of the common shares has any present intention to sell common shares during the period of the normal course issuer bid.

Savaria Corporation believes that the issuer bid is in its best interests and that of its shareholders.

ABOUT SAVARIA:

Savaria Corporation (www.savaria.com) is Canada's leader and the second largest accessibility company in North America. The Corporation designs, manufactures and distributes products, meeting the needs of people with mobility challenges, mainly stairlifts, vertical and inclined platform lifts, as well as elevators for residential and commercial use. Savaria annualized sales of close to $65 million rely on a network of some 600 retailers in North America. The Corporation records over 60% of its sales outside Canada and employs close to 400 people.

FORWARD LOOKING STATEMENTS:

Certain statements may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

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