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Gold/Mining/Energy : PNL- ASE- (PNL.AL)Pender Capital Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Saverio who wrote (43)	10/2/1998 8:56:00 PM
From: Alastair	Respond to of 109

Granigroupe Inc. acquired Pender Capital Corp PNL Shares issued 15,672,460 Oct 2 close $0.94 Fri 2 Oct 98 News Release Mr. Gilbert Kang reports Pender Capital Corp. has formally entered into an agreement, by way of letter of intent, to purchase up to 100 per cent interest in Granigroupe Inc., Canada's largest stone and granite company, and principal producer of granite blocks and finished slabs. Pender Capital was granted an exclusive 60 day period of due diligence ending Dec. 1, 1998, to conduct a comprehensive review of the operations and finances of Granigroupe Inc. and its group of companies, including its main subsidiary, Granicor Inc., and negotiate the definitive terms of the transaction. Preliminary commitments for financing this transaction are currently in place. Granigroupe Inc., a private family owned business, has been operating granite quarries and fabricating plants since the early 1920s. It is the largest stone company in Canada, composed of a group of companies separated into two distinct divisions: quarrying and fabricating operations. Its 17 gang saws make it the largest operation in North America. In total, Granigroupe Inc. subsidiaries currently operate 15 quarries, some of which are the largest in Canada, including the Polychrome and Nara. The company will continue to aggressively identify significant growth opportunities in the North American stone industry and abroad through its acquisition and consolidation strategy. The development of joint ventures with Garibaldi Granite Inc. and Granicor Inc. for the Greenleaf quarry in La Baie, Quebec were the first steps in this strategic direction. This acquisition of Granigroupe confirms the company's stated intention and is the next major step in realizing Pender's continued growth to become a dominant participant in the North American as well as the global stone industry. The granite industry in Canada exceeds over $200,000,000 in gross sales per year. The U.S. imports from Canada over $40,000,000 (U.S.) in gross sales of both raw blocks and finished products per year. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com regards ALastair