Canexus Announces Amendment of Financial Covenants

CALGARY, AB--(Marketwired - March 22, 2016) - Canexus Corporation (TSX: CUS) (the "Corporation" or "Canexus") today announced it amended its Credit Agreement, with its syndicate of banks, effective March 22, 2016. This amendment modifies certain financial covenants relating to the first and second quarters of 2016. We anticipate this relaxation will provide the Corporation with flexibility and an appropriate level of liquidity until the expected closing of the arrangement agreement with Superior Plus ("the Transaction"). Both Canexus and Superior Plus expect the Transaction to close in the first half of 2016.

Forward-Looking Statements

This news release contains forward-looking statements and information relating to expected future events of the Corporation and its subsidiaries, including with respect to: expectations for the completion of the Transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including market and general economic conditions, future costs, treatment under governmental regulatory, tax and environmental regimes and the other risks and uncertainties detailed under "Risk Factors" in the Corporation's Annual Information Form filed on the Corporation's SEDAR profile at www.sedar.com. Management believes the expectations reflected in these forward-looking statements are currently reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Due to the potential impact of these factors, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.