Contrans Corp. - Announcement

    WOODSTOCK, Ontario--April 19, 2002--Contrans Corp. today completed a previously announced purchase of substantially all of the trucking assets of Tri-Line Expressways Ltd. from KPMG Inc., as interim receiver of the assets. The purchase price for the assets was $8.5 million, paid in cash on closing, subject to certain adjustments and holdbacks. These assets include the tractors and trailers used in the business, real property located in Alberta, Saskatchewan and Texas, related fixed assets, equipment, inventory and machinery and the name and goodwill associated with the business. In addition, Contrans expects to negotiate the retention of leased properties located in British Columbia, Alberta, Manitoba, Ontario and Quebec. The completion of the purchase of the real property located in Saskatchewan and Texas is subject to receipt of Court orders which are expected to be obtained, failing which the purchase price will be reduced.
    The trucking business of Tri-Line is headquartered in Calgary, Alberta and provides a full range of flat bed and dry van transportation services in North America. The gross revenues of the trucking business of Tri-Line during the most recent fiscal year exceeded $80 million (Cdn.), not all of which is expected to be retained by Contrans.
    Stan Dunford, the Chief Executive Officer of Contrans, stated that "The completion of the purchase of the assets and goodwill of Tri-Line will benefit Contrans and its customers and will allow Contrans to expand its trucking network across Canada, thereby providing a broader range of services."

    Certain information included in this press release is forward looking and is subject to risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Unless otherwise required by applicable securities laws, Contrans disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.