Pan-O-Lac Ltd.

July 28, 2006 16:11 ET

Pan-O-Lac Proceeds with its Takeover Offers for Amisk Inc.: Offers Extended to September 7, 2006

MONTREAL, QUEBEC--(CCNMatthews - July 28, 2006) - PAN-O-LAC LTD. (the "Offeror") announces today that all conditions relative to the cash Offers (the "Offers") made to purchase all the outstanding Class A multiple voting shares and Class B subordinate voting shares (the "Shares") of AMISK INC. ("Amisk") have been partially met. The Offeror will thus control, upon take-up of the Shares deposited pursuant to the Offers approximately 72,66 % of the issued and outstanding Shares.

The Offeror has advised Amisk that 1 572 898 Shares of Amisk representing approximately 40,7 % of the outstanding Shares (except Shares held by the Offeror) were validly tendered pursuant to the Offers as at 5:00 p.m. (Montreal time) on July 27, 2006.

As the conditions to the Offers have been partially satisfied, the Offeror has instructed the Depositary, Computershare Investors Services Inc., to take up and pay all the Shares deposited pursuant to the Offers on the basis of $0,40 (Cnd.) per Share. Payment to Amisk shareholders who deposited their Shares pursuant to the Offers, will be made on or about August 7, 2006.

In order to acquire 90% of the outstanding Shares, except those held by the Offeror, (as required to effect a compulsory acquisition of the Shares not deposited pursuant to the Offers), the Offeror has extended the delay to the Offers to enable those Shareholders who have not yet tendered for deposit their Shares pursuant to the Offers. The Offers, as extended, will now expire at 5:00 p.m. (Montreal time) on September 7, 2006. If less than 90% of the Shares are deposited, under reserve of a further extension, the Offeror intends to effect a subsequent acquisition transaction to acquire the remaining Shares, as described in the takeover bid circular.

Upon completion of the compulsory acquisition or subsequent acquisition transaction, the Offeror intends to de-list the Shares from the stock market and to cause Amisk to apply to securities regulatory authorities to cease to be a reporting issuer.

Additional information about the Offers and copies of the take-over bid circular may be obtained from shareholders' investment advisers or on www.sedar.com.

Contact Information

  • Pan-O-Lac Ltd.
    Mr. Jean-Louis Vigneault
    (418) 542-5666