CFS International Inc.

January 31, 2006 17:00 ET

CFS International Inc. Redeems its Preferred Shares

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2006) - CFS International Inc. (CFS) announces that all outstanding Preferred Shares of CFS were redeemed today at a price of $3.75 per share. The redemption followed the purchase earlier today of preferred shares which shareholders elected to sell to 1206036 Alberta Ltd., a wholly-owned subsidiary of CFS' controlling shareholder Ports International Enterprises Limited (PIEL).

Notice of redemption of the preferred shares will be sent on or before February 3, 2006 to each shareholder of CFS who has not yet surrendered their share certificates for redemption. CFS has deposited to a special account maintained by CIBC Mellon Trust Company, as depositary, the redemption amount in respect of preferred shares represented by certificates which have not yet been surrendered. Pursuant to the terms of the preferred shares, the rights of holders of preferred shares that have not yet been surrendered are limited to receiving (without interest) their proportionate share of the total redemption price so deposited against presentation and surrender of the certificates representing preferred shares held by them. As of the date of the redemption of the preferred shares, all holders ceased to be holders of preferred shares and, as a result, CFS is now a wholly-owned subsidiary of PIEL and its shareholders.

CFS also announces that, effective at the close of business January 18, 2006, the common shares of CFS were delisted from the TSX Venture Exchange. CFS intends to make application to the applicable securities commissions for CFS to cease to be a reporting issuer.

Contact Information

  • CFS International Inc.
    Alec Lam
    Director of Finance
    (416) 385-2882
    (416) 385-7135 (FAX)