MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

March 16, 2010 13:37 ET

MagIndustries Corp. Receives Statement of Claim

TORONTO, ONTARIO--(Marketwire - March 16, 2010) - MagIndustries Corp. ("Mag" or the "Company")(TSX:MAA) has received a Statement of Claim filed by Willy Verbrugghe, a former employee, in the Ontario Superior Court of Justice, made against the Company and its wholly owned subsidiary MagMinerals Potash Corp. The claim relates to the alleged wrongful dismissal of Mr. Verbrugghe by Mag and MagMinerals Potash Corp. The damages claimed total Cdn$2 million, plus interest and costs.

Mag is unaware of any fact or circumstance that would support the claims being made by Mr. Verbrugghe regarding the Company's activities in the Republic of Congo and the Company's dealings with its shareholders and third parties and believes that the claim is completely without merit. Mag intends to vigorously defend this action.

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 418,042,462 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 at its website, www.magindustries.com.

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