THE MACYRO GROUP INC.
TSX : MYO

THE MACYRO GROUP INC.

June 11, 2007 12:36 ET

The Macyro Group Inc. Receives Shareholders Approval of Its Acquisition by RED Holdings Group, Inc.

QUEBEC CITY, QUEBEC--(Marketwire - June 11, 2007) - The Macyro Group Inc. ("Macyro") (TSX:MYO) is pleased to announce that at its special meeting of shareholders held on June 11, 2007, its shareholders approved the previously announced acquisition of Macyro by RED Holdings Group, Inc. ("RED") by way of amalgamation. Under the terms of the amalgamation, the shareholders of Macyro will receive, for each share of Macyro held, one redeemable preferred share of the company to result from such amalgamation, which preferred share shall in turn be automatically redeemed for a cash consideration of CDN$1.77. The formal closing of this transaction is expected to occur by no later than June 18, 2007.

About Macyro

Macyro is in the business of the manufacturing and installation of aluminium curtain walls, panels, windows and doors for use in commercial and residential construction through its subsidiary Gamma Industries Inc. ("Gamma"). Gamma is recognized as a leader in its field in Quebec and has, over the last several years, developed a valuable niche in the south eastern United States of America, from which over 70% of its sales now originate.

About RED

RED is a Florida-based investment company controlled by Edward W. Easton Family, Ltd. and a group of shareholders led by Elliot Kracko.

FORWARD LOOKING STATEMENTS

Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates", "believes", "may", "continue", "estimate", "expects", and "will" and words of similar import, constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which Macyro operates; changes in business strategy or development/acquisition plans; environmental exposure; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against Macyro; and other factors referenced in the Macyro's filings with Canadian securities regulators. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Macyro does not assume the obligation to update or revise any forward-looking statements.

Contact Information

  • The Macyro Group Inc.
    Kevin McCrann
    President and Chief Executive Officer
    613-237-7075