MagIndustries Corp.

MagIndustries Corp.

November 27, 2012 09:20 ET

MagIndustries Announces Termination of Ameropa Marketing Agreements

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) - MagIndustries Corp. ("MagIndustries" or the "Company") (TSX:MAA) announced today that it has provided notice to Ameropa AG of its intention to terminate the marketing agreements it previously entered into with Ameropa AG to market all of the production of potash during Phase 1 and Phase 2 of the Company's Mengo potash project. Pursuant to the terms of the marketing agreements the Company has the right to terminate the agreements as a result of the change of control which occurred in July 2011 whereby Evergreen Resources Holding (BVI) Ltd. acquired approximately 77.6% of the common shares of the Company. The termination will become effective 180 days following notice of termination and the Company estimates no payments will be required to be made in connection with this termination.

The Company has determined that it is in its commercial interest to have full flexibility over the marketing of future potash production and will be developing a new distribution strategy to be implemented before the start of production.

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". The Company has 460,172,463 shares outstanding on an undiluted basis. 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, 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.

Cusip: 55917T 102

Contact Information