Counsel Corporation

Counsel Corporation

December 18, 2006 08:30 ET

Counsel Corporation Announces Renewal of Normal Course Issuer Bid for Common Shares

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Counsel Corporation (TSX:CXS) ("Counsel") announced today that The Toronto Stock Exchange (the "Exchange") has accepted Counsel's notice of its intention to renew its normal course issuer bid for its common shares. Counsel's normal course issuer bid will be made in accordance with the rules and policies of the Exchange. Counsel's current normal course issuer bid for its common shares expired on December 15, 2006. Counsel may begin purchasing common shares on December 20, 2006 and will end such purchases on December 19, 2007.

Pursuant to the notice, Counsel may, over the next 12 months, acquire for cancellation up to 5 percent of the total of its common shares outstanding. Based on a total of 46,492,262 common shares outstanding on December 13, 2006, Counsel could acquire 2,324,623 common shares under its normal course issuer bid. No more than 929,849 shares, being 2 percent of the common shares outstanding, will be purchased in any 30-day period. Purchases will be made at market prices through the facilities of the Exchange. Counsel believes that, on occasion, common shares become available at prices which make their purchase an appropriate use of the Corporation's funds. As of December 15, 2006, Counsel had purchased 1,242,000 of the 2,385,713 common shares, at an average price of $0.38 per share, approved for purchase under its normal course issuer bid which expired December 15, 2006.

This release involves forward-looking statements with respect to business plans, acquisition prospects, development of relationships with third parties and other plans and expectations on the part of the Company. The accuracy of these statements involve a number of risks and uncertainties, including but not limited to the availability of acquisition prospects and financing for such prospects, changing economic and market conditions that would impact such prospects or financing related thereto, changes in governmental regulations and laws, as well as other risk factors detailed in the securities filings of Counsel Corporation (TSX:CXS) to which recipients of this release are referred for additional information concerning the Company and its prospects.

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