December 07, 2007 16:05 ET

Nordex Explosives Announces Discontinuance of Motion to Institute Proceedings in Quebec Courts

MISSISSAUGA, ONTARIO--(Marketwire - Dec. 7, 2007) -


LES EXPLOSIFS NORDEX LTEE. / NORDEX EXPLOSIVES LTD. (TSX VENTURE:NXX) announces that it has been advised by its legal counsel in Quebec that the Motion to Institute Proceedings against the Corporation, dated January 29, 2007, brought by a shareholder of the Corporation in the Superior Court District of Montreal, has been deemed to have been discontinued as the shareholder failed to inscribe the action within the time limits required by the law and by the Court.

The Motion had sought an order from the Court to cancel and annul the Nordex Explosives Profit Sharing Plan (the "PSP") other than with respect to production employees, and an order that the 5% of benefits contemplated by the PSP for the full time production employees be retained and made available exclusively for the benefit of employees of Nordex who are actively engaged in its business activities on a full time basis.

At the corporation's annual and special meeting held on May 17, 2007, John Kozak, President and Chief Executive Officer of the Corporation, announced that the Board of Directors of the Corporation had made a decision immediately prior to the Meeting that the Corporation's Profit Sharing Plan would be terminated retroactively to January 1, 2007, and that the executive salaries and compensation plans including Mr. Kozak and Mr. James Taylor, the Chief Operating Officer and VP Operations of the Corporation would be reviewed by the Compensation Committee of the Board of Directors, with any adjustments to their salaries and compensation to be retroactive to January 1, 2007.

Forward-Looking Statements

This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties which could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully disclosed in the disclosure materials, financial statements and MD&A filed with the securities regulatory authorities in Canada on

ABOUT NORDEX EXPLOSIVES: LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. (TSX VENTURE:NXX) is a developer, manufacturer and distributor of explosives for the mining, quarry and road construction industries. Founded in 1970, its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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