Logistec Corporation

Logistec Corporation

February 24, 2005 16:40 ET

Logistec Announces Notice of Termination From Customers at Termont Terminal


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LOGISTEC CORPORATION

TSX SYMBOL: LGT.MV.A
TSX SYMBOL: LGT.SV.B

FEBRUARY 24, 2005 - 16:40 ET

Logistec Announces Notice of Termination From
Customers at Termont Terminal

MONTREAL, QUEBEC--(CCNMatthews - Feb. 24, 2005) - Logistec Corporation
(TSX:LGT.MV.A)(TSX:LGT.SV.B) -

Termont Terminal Inc. an intermodal container-handling terminal at the
Port of Montreal and a joint venture between Logistec Stevedoring Inc.
and a U.S.-based terminal operator, has been notified that the "Vessel
Sharing Agreement" between its three main partners has been terminated.

"This is obviously extremely disappointing and puts Termont in a very
fragile position with a strong risk of having no customers in the coming
months" said Madeleine Paquin, President and Chief Executive Officer of
Logistec Corporation.

Logistec Corporation, owner of Logistec Stevedoring Inc., and thereby
owner of Termont at 50%, is not presently in a position to evaluate
whether any of these customers will continue to call Termont and the
impact this will have on Logistec's future financial results.

About Logistec

Logistec Corporation is based in Montreal and provides specialized
services to the marine community and industrial companies in the areas
of container, break-bulk and bulk cargo handling at 23 ports in Eastern
Canada, the Great Lakes, and the U.S. East Coast; agency services to
foreign shipowners and operators serving the Canadian market; marine
transportation services geared primarily to the Arctic coastal trade;
and management of PCBs, site remediation, risk assessment and
rehabilitation of underground water pipes and aqueducts. The Company has
been profitable each year since 1969 and has more than doubled its
revenue since 1995 through internal growth and strategic acquisitions.
The Company has paid a dividend regularly since 1969 and payments have
grown steadily over the years.

A public company since 1969, Logistec's shares are listed on the Toronto
Stock Exchange under the symbols LGT.MV.A and LGT.SV.B. More information
can be obtained at the Company's website at www.logistec.com.

Forward-Looking Statements

This news release may contain certain forward-looking information and
statements concerning the Company's operations, performance, and
financial condition, including, in particular, the likelihood of the
Company's success in developing and expanding its business. These
statements are based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies, many
of which are beyond the control of the Company. Examples include the
performance of domestic and international economies and the effects of
these on shipping, weather conditions, labour relations, and pricing and
other marketing activities by competitors. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Logistec Corporation
    Jean-Claude Dugas, CA
    Vice-President, Finance
    (514) 985-2345
    jdugas@logistec.com