Coreco Inc.

Coreco Inc.

March 22, 2005 09:51 ET

Coreco Inc.: Superior Court Approves Important Step Towards Arrangement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CORECO INC.

TSX SYMBOL: CRC

MARCH 22, 2005 - 09:51 ET

Coreco Inc.: Superior Court Approves Important Step
Towards Arrangement

MONTREAL, QUEBEC--(CCNMatthews - March 22, 2005) - Coreco Inc. (TSX:CRC)
announces that the Superior Court of Quebec issued the Interim Order
sanctioning the procedural steps to be taken by the Company to implement
the arrangement including the calling of a shareholders' meeting to
approve the arrangement. The date of the special meeting of
shareholders has now been confirmed for April 22, 2005 and will be held
at 10:00 a.m. (Eastern Time) in the Mackenzie Room, Fairmont Queen
Elizabeth Hotel, 900 Rene-Levesque Boulevard West, Montreal, Quebec,
Canada.

Pursuant to the arrangement, shareholders of Coreco will receive for
each common share of Coreco held, at their election (and subject to
pro-ration) either:



(a) 0.5207 of a DALSA common share;
(b) CAN$10.00 in cash; or
(C) a combination of cash and DALSA common shares,

subject to a maximum of CAN$35 million in cash available for
election. The total consideration paid by DALSA for Coreco will be
approximately CAN$72 million. An information circular detailing the
arrangement will be mailed to shareholders in early April.


About Coreco

Coreco Inc. is a leader in the design, development, manufacturing and
marketing of hardware and software that help enhance the productivity,
quality and cost-competitiveness of manufacturing processes. The
Company serves two target markets: Original Equipment Manufacturers
(OEMs) and End-users. The OEM group provides a full range of frame
grabbers, embedded products and accompanying software for integration in
high-performance machine vision applications in the industrial vision,
medical imaging, multimedia and surveillance markets. The Intelligent

Products group (IPD) specializes in providing user-friendly,
cost-effective vision appliances for task-specific factory floor
applications, such as gauging, high-precision alignment, inspection,
assembly verification and machine guidance. Coreco employs a staff of
140 people and has operations in Montreal (QC), Vancouver (BC), and
Boston (MA), with additional sales offices in Cleveland (OH), San Juan
Capistrano (CA) and Tokyo (Japan).

This press release contains statements that are forward-looking and
subject to a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated. The Company has no
intention or obligation to update or revise any forward-looking
statements as a result of new information, future or otherwise.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Coreco Inc.
    Keith A. Reuben
    President and Chief Executive Officer
    (514) 333-1301
    (514) 333-1867 (FAX)
    www.coreco.com
    or
    Grace Pollock
    Investor and Media Relations
    (514) 940-3717
    investors@coreco.com