MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

May 14, 2008 11:19 ET

MagIndustries Announces Appointment of W. Verbrugghe as CEO of MagMinerals Potash

TORONTO, ONTARIO--(Marketwire - May 14, 2008) - MagIndustries Corp. ("MagIndustries" or the "Company")(TSX VENTURE:MAA) is pleased to announce the appointment of Willy Verbrugghe to the position of Chief Executive Officer for MagMinerals Potash Corp. ("MagPotash") effective immediately. Mr Verbrugghe has over 30 years of international experience in operations and executive management positions including the building of companies which have achieved more than US$500 million in revenue. Some of the key companies Mr. Verbgugghe has worked with include Westinghouse Energy Systems, Kollmorgen Corp., Sermatech Inc., PCC Flow Technologies, and Vehoco LLC.

During his career, Mr. Verbrugghe has participated or led the build-out of large industrial projects in various countries and will now focus his executive leadership and experience on the execution of MagPotash's US$723 million Kouilou Potash mine and processing plant to be located near the Atlantic port of Pointe Noire, in the Republic of Congo. Mr. Verbrugghe will lead a team responsible for the design, construction and commissioning of this world class project, that is targeting production of 1.2 million tonnes per year (tpy) of potash (Phases 1 and 2). MagPotash recently announced the completion of the final feasibility study for the 600,000 tpy Phase1 Kouilou potash plant and in the past month MagPotash has raised an initial $100 million for project development (see below) and is finalizing the engineering, procurement construction, and management contract for Phase 1.

Mr. Verbrugghe was born in Belgium, has three Masters degrees (science, engineering, business), speaks five languages, and has lived in four countries.

MagPotash recently announced a successful equity financing which raised Cdn$101 million through a placement of 25,250,000 shares in MagMinerals Holdings Corp. ("MagHoldings") at a price of Cdn$4.00 per share. MagHoldings used the proceeds from the financing to immediately subscribe for $101 million of subscription receipts in the capital of MagPotash at a price of Cdn$4.00 per subscription receipt (see press release dated April 3, 2008 and April 29, 2008). MagPotash is currently completing a restructuring pursuant to which it is anticipated that it will become a reporting issuer in certain provinces of Canada and will have its common shares listed on a recognized Canadian stock exchange. After giving effect to this restructuring (including the exercise of the subscription receipts), MagIndustries will hold approximately 80% of MagPotash. The Company's advisors, BNP Paribas, are coordinating a group of international lenders who are completing their due diligence for the project debt financing for the first phase of the project.

About MagIndustries Corp.

MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX-Venture Exchange and trades in Canadian currency under the symbol "MAA". The Company has 195,769,016 shares outstanding on an undiluted basis. MagIndustries' wholly owned resource subsidiaries are operating and developing major industrial projects in the Republic of Congo (ROC) and the Democratic Republic of Congo (DRC).

More information on the Company is available at its website, www.magindustries.com.

Cusip: 55917T 102

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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