Goodfellow Inc.
TSX : GDL

Goodfellow Inc.

October 16, 2015 16:34 ET

Goodfellow Inc. Announces the Signing of a Letter of Intent to Acquire Quality Hardwoods Ltd.

DELSON, QUEBEC--(Marketwired - Oct. 16, 2015) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Goodfellow Inc. (TSX:GDL) today announced that it has signed a non-binding letter of intent to acquire Quality Hardwoods Ltd. located in Powassan, Ont. Quality Hardwoods Ltd. manufactures, sells and distributes Hardwood lumber products.

The acquisition, if finalized, is expected to close early in the new 2016 fiscal year and is subject to customary closing conditions, including execution of a definitive binding agreement and satisfactory due diligence. Goodfellow plans to finance the transaction through existing credit facilities.

Quality Hardwood is an excellent company with a long and positive track record. We are privileged to be able to be associated with this business under this transaction. We intend on serving the customers and support the suppliers of Quality Hardwoods as they always did. We are also happy to retain all the company's employees within the large Goodfellow family. A competent team that has proven itself. Moreover, we can count on Mr. Paul Brooks expertise to ensure a smooth transition throughout 2016. Quality Hardwoods will operate in its current form whilst benefiting from Goodfellow's support.

About Goodfellow Inc.

Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturers and distributors of lumber and hardwood flooring products. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.

For more details, please go to www.goodfellowinc.com

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