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Garneau Inc. to invest $5 million CDN into Camrose coating operation

Published on 2006-11-13. Author : SpecialChem

NISKU, AB - Garneau Inc. announced that the Corporation will invest over $5 million into a major capital expenditure program for the Corporation's Camrose coating operation.

This major capital expenditure program is expected to increase overall coating capacity and efficiencies at Garneau's Camrose plant, which contains a 65,000 sq ft building located on 130 acres with access to a rail spur. The Corporation will be upgrading the coating facility's two existing coating lines with new technological equipment designed, fabricated and installed by the Garneau's fabrication business located in Nisku. The facility will be able to coat pipe more efficiently to meet increasing market demand and improve delivery times. The aggressive program reflects Garneau's commitment to improving the level of service provided to our existing clientele.

About Garneau Inc.

Garneau Inc.'s primary business is the application of high performance protective coatings and linings for oil and gas pipeline protection. Additionally, Garneau Inc. designs and fabricates oilfield equipment for both domestic and international markets. During more than 30 years of operating experience, Garneau Inc. has developed significant expertise and innovative technology, and has maintained a long-term focus on continuously improving the pipe coating process with cost-effective, quality coatings. A talented and effective management team provides the vision and experience for long-term profitable growth and increasing shareholder value.

This news release contains forward-looking information that represents internal expectations, estimates or beliefs. Certain statements contained within this news release constitute forward-looking statements. The use of anyof the words "anticipate", "continue", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward looking statements. The expectations, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties which may cause the Fund's actual performance and financial results in future periods to differ materially from any expectations, estimates and beliefs of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the recently proposed tax changes, K-Bro's competitive environment, utility costs, K-Bro's dependence on long-term contracts, the availability of future financing and such other risks and uncertainties as described in the Fund's periodic reports filed with Canadian regulatory authorities. Accordingly, unitholders and potential investors are cautioned that events or circumstances could cause actual results to differ materially from those discussed. The Fund does not undertake any obligation to publiclyrevise these forward-looking statements to reflect subsequent events or circumstances.

Source: Garneau Inc.


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