Polyair Inter Pack Inc.

Polyair Inter Pack Inc.

December 01, 2006 16:05 ET

Polyair Inter Pack Inc. Announces Completion of Sale of Its Interest in PXL Cross Linked Foam Corporation

TORONTO, ONTARIO--(CCNMatthews - Dec. 1, 2006) - Polyair Inter Pack Inc. (the "Company") (TSX:PPK) (AMEX:PPK) announced today the closing of the sale of its 50.1% interest in PXL Cross Linked Foam Corporation. The Company has received consideration of approximately U.S.$2.5 million, all of which will be applied towards working capital and capital expenditures in Polyair's core protective packaging business.

Polyair Inter Pack Inc. (www.Polyair.com) through its Polyair Packaging Division manufactures and distributes a wide range of protective packaging products. These products are sold to distributors and retailers across North America. The company operates nine manufacturing facilities, seven of which are in the USA where it generates the majority of its sales.

Certain information included in this release contains statements that are forward looking. Such forward-looking information involves risks and uncertainties that could significantly affect anticipated results in the future. We caution that forward-looking statements should not be regarded as a representation by the company that the future plans, estimates, or expectations contemplated by us will in fact be achieved. Please refer to the Company's reports filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) for a description of the business environment in which it operates and important factors that may materially affect its results. Polyair Inter Pack Inc. is not under any obligation, and expressly disclaims any such obligation, to update or alter its forward-looking statements.

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