Upper Lakes Group Inc. Denies Unsubstantiated Allegations

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2012) - Upper Lakes Group Inc. of Toronto, Ontario today strongly denied the false and unsubstantiated allegations made by an unsuccessful bidder in connection with the sale of its wholly-owned subsidiary Chantier Davie Canada Inc.

Upper Lakes is proud of the leadership role it played in the sale of Chantier Davie and is completely satisfied that all of the requirements of the sale process were properly followed.

Upper Lakes developed the sale process with the assistance of PricewaterhouseCoopers to invite all interested bidders to put forward their best proposals. All expressions of interest received were duly considered and it was concluded that the offer from Zafiro Marine was the most credible, with the best opportunity for a prompt completion of the sale and the reopening of the shipyard.

Ian MacGregor, the Managing Director of Upper Lakes, commented "Having successfully negotiated a sale of the shipyard to a credible purchaser, we find the unsubstantiated allegations highly offensive. These attacks on the integrity of the companies in the Upper Lakes group and their officers should stop and the focus should be on getting people back to work building ships at Chantier Davie. Upper Lakes will carefully consider its legal remedies, particularly if any further allegations are made."

Source: Upper Lakes Group Inc.