McCoy Corporation

McCoy Corporation

December 20, 2006 12:13 ET

McCoy Corporation Announces Corporate Update

EDMONTON, ALBERTA--(CCNMatthews - Dec. 20, 2006) - McCoy Corporation ("McCoy" or the "Corporation") (TSX:MCB) today announced several recent changes to the senior management team.

Mr. Ted Redmond joined McCoy in the newly created position of Vice President, Oilfield Products & Services. Mr. Redmond, reporting directly to McCoy's President and CEO, Mr. Jim Rakievich, will oversee the operations of Farr Canada, a division of McCoy Corporation, as well as Rebel Metal Fabricators Ltd. and Inotec Coatings and Hydraulics Inc., both of which are recent acquisitions. Mr. Redmond is an engineer and MBA and comes to McCoy with extensive business management and industry experience. Mr. Redmond's education includes a Masters degree in Electrical Engineering from the University of Toronto and a Masters of Business Administration from Stanford Graduate School of Business. McCoy management believes that Mr. Redmond's leadership will position the oilfield segment for growth in both the conventional oilfield and oil sands markets.

Mr. Tom Watts joined McCoy Corporation in the newly created position of Director of Human Resources. Prior to joining McCoy Corporation, Mr. Watts spent 6 years with Sherritt International Corporation's Coal Division as the senior human resources professional. He has extensive human resources, labour relations and management experience along with a B.Mgmt (Labour Relations) and B.Sc. (Psychology), both from the University of Lethbridge. Mr. Watts will be responsible for human resources, including recruiting, retention strategies, benefits, communications and employee relations for McCoy Corporation, its divisions and wholly owned subsidiaries. Mr. Watts reports directly to the President and CEO.

Mr. Andy McEachern has accepted the position of General Manager of Peerless Limited, which was purchased by the Corporation in 2004. Prior to his new appointment, Mr. McEachern was the Manager, Advanced Manufacturing for Peerless following ten years as the Engineering Manager. Mr. McEachern obtained a degree in Mechanical Engineering in 1987 from Carleton University in Ottawa, and has completed the Executive Development Program at the Kellogg School of Management at Northwestern University, Chicago. Mr. McEachern's appointment was part of the succession plan developed post-acquisition and follows the retirement of Mr. Walter Sobool from the position of as President and Chief Operating Officer. Mr. McEachern will assume all of Mr. Sobool's former responsibilities and will report directly to the President and CEO.

Mrs. Peggy Robertson has accepted the position of Vice President, Corporate Affairs. Mrs. Robertson started with McCoy Corporation in 1996 following five years with a venture capital company. She was appointed Corporate Secretary in 2000 and Director, Corporate Affairs in 2004. In addition to Mrs. Robertson's increased responsibilities in corporate affairs and investor relations, she will also retain her role as Corporate Secretary. Mrs. Robertson will continue to report directly to the President and CEO.

The Corporation has also commenced a search for a Chief Financial Officer to replace Mr. Kerry Brown. Mr. Brown will remain CFO until a suitable replacement is found, and will continue in his role as Chairman of the Board of Directors. Ms. Milica Stolic will continue in her role as Director of Finance.

Mr. Rakievich noted that the Corporation will focus on growth through improvements in its existing operations and will continue to actively seek acquisition opportunities in order to achieve future goals and objectives. "Our senior management team is being restructured to provide a solid foundation for future growth", he added.

The Corporation's main operating segments are: Truck & Trailer Products & Services, Trailer Manufacturing and Oilfield Products & Services. Approximately 785 individuals are employed by the Corporation and its subsidiaries in Alberta and British Columbia. The Corporation's shares are traded on the TSX under the symbol "MCB".

This release may contain forward looking statements within the meaning of the "safe harbor" provisions of U.S. and other applicable laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. The Corporation does not assume any obligation to update any forward looking information contained in this news release.

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