February 24, 2009 09:30 ET

Raymor Releases Latest Updates

BOISBRIAND, QUEBEC--(Marketwire - Feb. 24, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announces that on Friday February 20th 2009 the court of St-Jerome rejected the company's request to obtain an additional extension according to its notice of intend to file a proposal to creditors. As at that date, Raymor Industries Inc. and its subsidiaries were presumed bankrupt by the court of law. The Company is presently seeking to appeal this decision rendered by the court, and also presently working on different alternatives. The firm Villeneuve Venne Coossa was appointed by the company and the court to oversee the entire process.

Also, the Company received the resignation of two of board members, Mr. Michel Baril and Mr. Richard Boudreault on February 20, 2009. These two Board members were replaced by Mr. Michel Drouet, Ing,MSc,PhD,DSc. Also, one other important nomination is in discussion.

Dr. Drouet worked at the Hydro-Quebec Research Institute for 26 years as Department Chief and for the last four years at Raymor as Chief Scientist.At the same time, Dr. Drouet was, for many years, lecturer and Thesis Supervisors for numerous MSc and PhD students at both McGill University and INRS.

Dr. Drouet is the author of more than two hundreds scientific papers and numerous patents in the field of high temperature processes.

"We will review everything options we may have to reverse the decision rendered last Friday in order to restart our operations". said Stephane Robert , President of Raymor. "Mr. Drouet has had a significant and positive impact on all technologies developed at Raymor and we are very pleased and honoured to have him on our board of Directors" added Mr. Robert.

The Company is also indicating that Mr. Rene Caron will be replaced as a Chief Financial Officer by an independent accountant. However, Mr. Caron will still remain a member of the board of director.

The management intends to continue providing regular updates with respect to both financial position and creditor obligations.

About Raymor Industries

RAYMOR INDUSTRIES INC. (TSX VENTURE:RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.

ON BEHALF OF THE BOARD OF DIRECTORS, Stephane Robert, President.

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

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