MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

July 29, 2011 09:58 ET

MagIndustries Corp. Announces Completion of Take-Over Bid by Evergreen Resources Holding (BVI) Ltd. and New Board of Directors

TORONTO, ONTARIO--(Marketwire - July 29, 2011) - MagIndustries Corp. (TSX:MAA) ("MagIndustries" or the "Company") and Evergreen Resources Holding (BVI) Ltd. (the "Offeror"), an indirect subsidiary of Evergreen Industries Group ("EIG"), are pleased to announce that further to the announcement dated July 19, 2011, the Offeror has completed take up and payment of all of the Company's common shares (the "MAA Shares") that were validly deposited pursuant to the offer, by the Offeror, to acquire all of the outstanding MAA Shares (the "Offer"). Under the terms of the Offer, shareholders of MagIndustries were entitled to receive $0.25 cash for each MAA Share tendered pursuant to the Offer. The Offeror delivered its notice to take up and pay to the Depositary on July 22, 2011 and has been advised that all tendered shares were paid for within 3 business days of such notice.

The Company is also pleased to announce that, in connection with the completion of the Offer, Mr. Simon Liang, Mr. Longbo Chen, Mr. Zhijun Shen, Mr. Gerry Wang, Mr. Yuan Ding, Mr. Gordon Toll and Mr. John Lee have been elected to the board of directors of the Company to serve until the next annual general meeting of shareholders.

The Company wishes to thank the outgoing board of directors comprised of Mr. Rich Morrow, Mr. Stephane Rigny, Mr. Gerard Munera, Mr. Victor Wells, Mr. Gary German and Mr. Richard John Linnell for their individual and collective contributions to the Company.

The board of directors is conducting a management review and will provide disclosure of any changes to management if and when those changes become effective.

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, www.magindustries.com.

About Evergreen Industries Group

Evergreen Industries Group is an industrial holding group based in Shanghai, China with a focus on the fields of shipbuilding, marine engineering, mining and logistics.

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

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