ACE/Security Laminates Corporation

ACE/Security Laminates Corporation

October 04, 2005 15:34 ET

ACE Clarifies Disclosure Related to Deloitte & Touche LLP Report on Special Engagement by ACE

OTTAWA, ONTARIO--(CCNMatthews - Oct. 4, 2005) - Ace/Security Laminates Corporation'TM' (TSX VENTURE:ASL) announced on September 26, 2005 that Deloitte and Touche LLP has completed their special engagement of the Company's transactions with its major supplier. By press release dated September 26, 2005, ACE summarized the findings of the Deloitte & Touche LLP report and the Audit Committee's responses to the issues raised in the report.

In the summary of the Audit Committee's response, pertaining to the relationship between ACE and a company owned by Peter Fabian, the President and CEO of the Company (the "LLC"), it was stated that, the Audit Committee, wishing to err on the side of caution, assigned Gilles Seguin, a member of the Audit Committee, the task of making further inquiries, as suggested by Deloitte & Touche LLP, to ascertain any irregularities involving the LLC that would impact ACE. The Press Release disclosed that Mr. Seguin was satisfied that the LLC never carried on business.

ACE wishes to clarify that Mr. Seguin has not yet completed such inquiries with respect to the issue raised in the Deloitte & Touche LLP Report relating to the LLC owned by Mr. Fabian referred to in the Report. A press release will be issued at a later date to disclose the findings of this review.

ACE/Security Laminates'TM' Corporation specializes in manufacturing and distributing, through a worldwide network of dealers, safety and security window laminating technology.

Since 1999, ACE has established a presence in 40 countries. ACE produces a micro thin polyester laminate that, when applied to glass, protects against baseball bats, crowbars, rocks, fire, Molotov cocktails, bombs, bullets and natural disasters.

The advantages of ACE's products are found in their protective capabilities, transparent finish, and simple application to existing windows. What makes ACE's security laminates the obvious choice when protecting people and property is the extensive third party testing they have undergone against threat levels ranging from break and entry to bullets and bombs; demonstrating the product's high-end performance.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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