Toromont Industries Ltd.
TSX : TIH

Toromont Industries Ltd.

April 29, 2011 15:48 ET

Toromont Provides Update on Spinoff Transaction

TORONTO, ONTARIO--(Marketwire - April 29, 2011) -Toromont Industries Ltd. (TSX:TIH) today announced that it continues to advance towards the spinoff transaction and encourages its shareholders to vote in favour of the transaction.

"By now, you should have received your proxy materials related to this proposed transaction and we encourage all shareholders to file their supporting vote," said Robert M. Ogilvie, Toromont's Chairman and CEO. "If you have not received your proxy materials, please contact either your broker or Toromont directly at (416) 667-5662. Your Board has voted unanimously in support of this transaction and management has made significant advancements on the steps necessary to effect the spinoff, targeted for completion in June."

Additionally, Toromont announced that it is refining the proposed stock option plan for Enerflex Ltd., attached to Toromont's management information circular related to the special meeting of shareholders to be held on May 16, 2011. The proposed refinements to the plan will: (a) further restrict the number of options that may be granted to non-employee directors of Enerflex to the lesser of (i) 1% of the total number of Enerflex common shares outstanding at any time, and (ii) an annual equity award value of $100,000 per non-employee director; and (b) clarify that shareholder approval is required for any adjustment to the exercise price or an extension of the exercise period of an option, whether related to options held by insiders or non-insiders. Toromont's shareholders will be asked to vote on an ordinary resolution approving the Enerflex stock option plan at the special meeting of shareholders on May 16, 2011. To view the revised Enerflex stock option plan please go to www.Toromont.com/spinoff.

About Toromont Industries

Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a global leader specializing in the design, engineering, fabrication and installation of compression systems for natural gas, coal-bed methane, fuel gas and carbon dioxide in addition to process systems and CIMCO industrial and recreational refrigeration systems. Both Groups offer comprehensive product support capabilities. This press release and more information about Toromont can be found on the web at www.toromont.com.

Contact Information

  • Toromont Industries Ltd.
    Paul R. Jewer
    Vice President Finance & CFO
    (416) 667-5638
    www.toromont.com