Winalta Inc.

Winalta Inc.

March 30, 2005 12:34 ET

Winalta Inc.: News Release Regarding Going Private Transaction


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WINALTA INC.

TSX VENTURE SYMBOL: WTA.A

MARCH 30, 2005 - 12:34 ET

Winalta Inc.: News Release Regarding Going Private
Transaction

EDMONTON, ALBERTA--(CCNMatthews - March 30, 2005) - Winalta Inc. (TSX
VENTURE:WTA.A) (the "Corporation") announces that it shall not proceed
with the annual general and special meeting of shareholders scheduled to
be held on April 26, 2005 (the "Meeting").

The board of directors previously determined and still is of the view
that it is in the best interest of the Corporation to continue as a
non-listed company. However, based upon complaints from shareholders to
the Corporation and to the TSX Venture Exchange (the "TSX-V"), the TSX-V
has determined that it will not exercise its discretion to waive the
requirement that the "majority of the minority" shareholders approve the
going private transaction. As a result, the proposed going private
transaction and other matters to be addressed at the Meeting will not
proceed at this time.

THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT OF THE CORPORATION AND THEY
ACCEPT FULL RESPONSIBILITY FOR ITS ACCURACY.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Winalta Inc.
    James A. Sapara
    Chairman and CEO
    (780) 960-6900
    or
    Winalta Inc.
    Kevin Peterson
    CFO and Vice President of Finance
    (780) 960-6900
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.