Steeplejack Industrial Group Inc.
TSX : SID

Steeplejack Industrial Group Inc.

September 18, 2007 14:31 ET

Steeplejack Industrial Group Inc. Announces the Approval of Arrangement by Shareholders and Optionholders

CALGARY, ALBERTA--(Marketwire - Sept. 18, 2007) - Steeplejack Industrial Group Inc. ("Steeplejack")(TSX:SID) announced today that, at a Special Meeting of Shareholders and Optionholders of Steeplejack held today in Edmonton, Alberta, the Shareholders and Optionholders passed a special resolution approving a plan of arrangement (the "Arrangement") pursuant to section 193 of the Business Corporations Act (Alberta) whereby 1343512 Alberta Ltd., an affiliate of Brock Holdings III, Inc., will acquire all of the outstanding Common Shares of Steeplejack for cash consideration (all in Canadian currency) of $11.50 per Common Share and Optionholders will receive cash consideration (all in Canadian currency) per option equal to the difference between $11.50 and the exercise price of such option.

The Interim Order of the Court of Queen's Bench of Alberta required that the special resolution be passed by the affirmative vote of at least two-thirds of the votes cast by Shareholders and Optionholders, voting as a single class, present in person or represented by proxy at the Special Meeting. In addition, in accordance with securities laws, the Special Resolution must be passed by a simple majority of the votes cast by Shareholders present in person or represented by proxy at the Special Meeting, excluding votes cast in respect of Common Shares beneficially owned, or over which control or direction is exercised, by Patrick Ross, the President and Chief Executive Officer and a director of Steeplejack, and his associates.

The Arrangement was approved by 99.92% of the votes cast by Shareholders and Optionholders, voting as a single class, present in person or represented by proxy and by 99.92% of the votes cast by Shareholders present in person or represented by proxy, excluding votes cast by Patrick Ross and his associates. Both votes exceeded the required approvals.

The completion of the Arrangement is subject to the approval of the Court of Queen's Bench of Alberta and to the satisfaction or waiver of other conditions described in the information circular dated August 20, 2007 which was mailed to Shareholders and Optionholders and is available on SEDAR at www.sedar.com under Steeplejack's profile. Steeplejack expects the completion of the Arrangement to occur on September 26, 2007.

Steeplejack Industrial Group Inc. is a multi-service company providing comprehensive project management, manpower and equipment supply for its industrial scaffolding and insulation customers. The Company operates through nine branches and serves a diverse group of large industrial and commercial organizations in Alberta and Saskatchewan. For more information about Steeplejack, please visit www.steeplejack.ca.

The Brock Group, founded in 1947 and based in Texas, is a leading provider of scaffolding, coatings, insulation and other industrial specialty services with operations in North America, South America and the Caribbean. For more information about Brock, please visit www.brockgroup.com.

Contact Information

  • Steeplejack Industrial Group Inc.
    Patrick Ross
    President and CEO
    (780) 465-9016
    or
    Steeplejack Industrial Group Inc.
    Nick Cristiano, CA
    Chief Financial Officer
    (780) 465-9016
    Email: request@steeplejack.ca
    Website: www.steeplejack.ca