SOURCE: Sulja Bros. Building Supplies Ltd.

January 10, 2007 09:46 ET

SLJB Announces Internal Review of Prior Public Disclosure and Other Matters; Also Discusses Actions by Ontario Securities Commission and Inquiry by U.S. Securities and Exchange Commission

WINDSOR, ON -- (MARKET WIRE) -- January 10, 2007 -- Sulja Bros. Building Supplies, Ltd. (Nevada) (PINKSHEETS: SLJB), today announced that, in consultation with outside counsel, it is undertaking a review of various issues relating to the issuance and trading of its common stock, as well as the accuracy of its prior public disclosures. Given the early stage of this review, the Company is unable to provide any further information regarding these matters, but cautions investors not to rely upon the press releases and other public statements previously issued by or on behalf of the Company.

The Ontario Securities Commission (OSC) has commenced an enforcement proceed against the Company, the Company's affiliate Sulja Bros. Building Supplies Ltd. (Ontario), the Company's former Chief Executive Officer Peter Vucicevich, Kore International Management Inc. (a company affiliated with Mr. Vucicevich) and Andrew DeVries (who was formerly associated with the Company). The OSC alleges, among other things, that Messrs. Vucicevich and DeVries engaged in manipulative trading in the Company's stock and that the Company made representations in certain press releases that were not true. A copy of the Statement of Allegations issued by the OSC can be found at . On December 22, 2006, the OSC ordered the cessation of trading in the Company's securities for 15 days and, on January 8, 2007, that order was extended until March 23, 2007 The Company did not oppose the continuation of this order and is cooperating with the OSC, but cannot at this time comment on the substance of the OSC's allegations or on the impact of the OSC's order on the trading of the Company's common stock in the United States.

The U.S. Securities and Exchange Commission (SEC) has also informed the Company that the SEC is conducting an inquiry into the matters that are the subject of the OSC proceeding. The Company is cooperating with the SEC.

For the foreseeable future, the Company does not intend to respond to requests for information from shareholders or other interested parties except to refer them to this press release and any subsequent releases issued by the Company. The Company will provide any updates as to the matters referred to herein through broadly disseminated press releases, but cannot predict when it will make any such updates. Investors should not rely on any statements purporting to be by or on behalf of the Company other than those contained in this release or any future press releases issued by the Company.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. When used in this press release, the words: believes, intends, anticipates, expects, predicts and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied by, the forward-looking statements based on a number of factors, including, but not limited to, costs, risks and effects of the on-going review by the Company, including the impact on the Company's ability to provide timely information as to the Company's business, operating results and financial condition; costs, risks and effects on the Company's business and the trading of its stock of legal proceedings and investigations, including the enforcement proceeding commenced by the OSC and the inquiry being conducted by the SEC; and the impact of the OSC order that trading in the Company's securities cease. Except as expressly required by the securities laws, the Company undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances, or for any other reason.