MagIndustries Corp.

MagIndustries Corp.

January 29, 2015 15:28 ET

MagIndustries Announces Formation of Special Committee in Connection With RCMP Investigation

TORONTO, ONTARIO--(Marketwired - Jan. 29, 2015) - MagIndustries Corp. (TSX:MAA) (the "Company" or "MagIndustries") announced today that its board of directors has formed a special committee to complete an internal review of allegations regarding a breach of the Corruption of Foreign Public Officials Act by certain officers and employees of the Company. The committee was formed as the result of the RCMP attending at the Company's head office with a search warrant on January 22, 2015 in connection with the aforementioned allegation. No charges have been laid in connection with this investigation and MagIndustries has no knowledge of any such breach and will be cooperating fully with the authorities in connection with their investigation.

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trade in Canadian currency under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website,

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, country policy and political risks, currency exchange risk, changing market conditions, force majeure events, and other risks detailed from time-to-time in the Company's ongoing filings. Project funding is necessary for the Project to proceed and there is a risk the Company and its prospective lenders or investors may not agree on final terms and conditions in the definitive loan or investment documentation. Additionally, approval for Project funding, when or if finalized, may not be in a timeframe that allows the Project to proceed on the expected schedule. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under the Company's continuous disclosure obligations. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

Cusip: 55917T 102

Contact Information