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September 17, 1998
CPI PLASTICS GROUP LIMITED
TORONTO, ONTARIO - CPI Plastics Group Limited ("CPI") announced today that Articles of Arrangement have been filed and a Certificate of Arrangement has been issued effective September 21 under the Ontario Business Corporations Act so that the reverse take-over by CPI of Waterford Capital Management Inc. pursuant to a Plan of Arrangement which was approved by the Ontario Court (General Division) on September 15, 1998 will be complete on September 21, 1998.
The Toronto Stock Exchange will delist the common shares of Waterford at the close of business on Friday September 18, 1998. The Toronto Stock Exchange has approved the application of CPI to list its Subordinate Voting Shares. They will commence trading on the TSE under the trading symbol CPI at the opening of trading on Monday September 21, 1998.
Mr. Peter Clark, the President and controlling shareholder of CPI, said "CPI is pleased that its Subordinate Voting Shares will shortly be listed and traded on The Toronto Stock Exchange." He stated that CPI would be first communicating with all of its new shareholders in early November when it will be releasing its first public quarterly report for the nine month period ending September 30, 1998.
CPI is a North American leader in designing, engineering and manufacturing thermoplastic extrusions such as decorative trim and functional parts for a variety of industries including automotive OEM and appliance manufacturers. Through a joint venture with Extrudawood International of Great Britain, in which CPI has a 70% interest, CPI produces extruded plastic wood known as "Extrudawood" for the North American market.