MagIndustries Corp.

MagIndustries Corp.

July 19, 2011 09:27 ET

MagIndustries Corp. Announces Take Up of Shares by Evergreen Resources Holding (BVI) Ltd. Pursuant to Its All-Cash Bid

TORONTO, ONTARIO--(Marketwire - July 19, 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 346,838,683 of the Company's common shares (the "MAA Shares") have been 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 are entitled to receive $0.25 cash for each MAA Share tendered pursuant to the Offer. The Offeror has advised that, as all conditions of the Offer have been satisfied, it has taken up and accepted for payment all MAA Shares so deposited, which represent approximately 75.9% of the outstanding MAA Shares. The Offeror has deposited sufficient funds to pay for all of the common shares with the Depositary and payment will be made by the Depositary to tendering shareholders within 3 business days.

The Offer expired at 8:00 p.m. (Toronto time) on July 18, 2011 and will not be extended.

The Offeror's registered office is Quastisky Building, P.O. Box 4389, Road Town, Tortola, British Virgin Islands. A report required under section 102.1 of the Securities Act (Ontario) will be filed within the prescribed time period. Copies of such report shall be available by contacting Corey MacKinnon at 416.360.6336.

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 456,772,463 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,

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.

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