Automodular Corporation

Automodular Corporation

July 13, 2010 10:29 ET

Automodular Corporation: Substantial Issuer Bid

AJAX, ONTARIO--(Marketwire - July 13, 2010) - Automodular Corporation ("Automodular") (TSX:AM) reports that it has been advised by two of its directors that the respective companies over which they have control or direction have changed their intentions with respect to the substantial issuer bid announced by the Company on June 11, 2010 (the "Offer") and have now determined to tender common shares to the Offer. 

In particular, Michael F. Blair, President and CEO of the Company, and the controlling shareholder of Renegade Capital Corporation, has tendered 2,850,000 common shares held by Renegade Capital Corporation and 220,000 common shares held in an RRSP, to the Offer. These common shares represent all of the common shares beneficially owned, or over which control or direction is exercised, by Mr. Blair. 

In addition, R. Peter McLaughlin, a director of the Company, has advised that Greenbriar Holdings Limited has tendered 2,600,159 common shares to the Offer. These common shares represent all of the common shares over which control or direction is exercised by Mr. McLaughlin. 

The Offer is scheduled to expire at 5:00 p.m. (Toronto time) on July 20, 2010, unless extended. 

Automodular is a supplier of sub-assembly, sequencing and transportation services to two OEM plants in Ontario. The Company has three operating facilities and employs approximately 600 people.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Specific forward-looking statements in the document relate to the change in intentions in respect of the tendering of common shares as noted above and the scheduled closing of the Offer. Except as required under continuous disclosure obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise

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