GL&V's Shareholders Will Vote on the Proposed Arrangement with FLSmidth & Co. During a Special General Meeting to be held on July 27, 2007.

    The Record Date was set for June 6, 2007.

    MONTREAL, June 22 /CNW Telbec/ - (Note: All amounts are expressed in
Canadian dollars unless otherwise indicated.) GROUPE LAPERRIERE & VERREAULT
INC. ("GL&V"; ticker symbols GLV.A, GLV.B/TSX) announces that pursuant to an
interim order issued by the Quebec Superior Court, a Special General Meeting
of GL&V Shareholders (the "Meeting") will be held to vote on the proposed
Arrangement with the Danish company FLSmidth & Co. ("FLS"). The Meeting will
take place on July 27, 2007 in the Pierre de Coubertin Room of the Omni Hotel,
1050 Sherbrooke Street West, Montreal, at 10:30 a.m. local time. The
definitive Information Circular, proxy forms and letter of transmittal will be
mailed to shareholders around July 3, 2007.
    GL&V's shareholders of record at the close of business on June 6, 2007
will be entitled to vote on the proposed Arrangement. However, each holder of
Class A Subordinate Voting Shares or of Class B Multiple Voting Shares
acquired after the Record Date shall be entitled to vote at the Meeting
provided such holder establishes that he or she is a Shareholder and requests,
at least 48 hours before the Meeting, the registration of his or her name on
the list of Shareholders entitled to vote. Assuming that GL&V's shareholders
holding at least 75% of each class of GL&V voting shares (Class A subordinate
voting shares and Class B multiple voting shares), present or represented by
proxy at the Special General Meeting, approve the Arrangement and that other
closing conditions including regulatory approvals are satisfied, final court
approval will be required and sought from the Quebec Superior Court on July
30, 2007. The closing date of the transaction between GL&V and FLS is
scheduled around August 6, 2007.
    On April 20, 2007, GL&V and FLS announced that they had entered into an
agreement pursuant to a Plan of Arrangement whereby FLS will acquire all the
outstanding Class A subordinate voting shares and Class B multiple voting
shares of GL&V. In connection with the Arrangement, GL&V will transfer its
Water Treatment and Pulp and Paper Groups and its Manufacturing unit into a
new corporation ("New GLV") that will be listed on the TSX Exchange and be
spun off to GL&V's shareholders. Following the Arrangement, FLS will
effectively own 100% of GL&V's Process Group in exchange for a consideration
of $840 million in cash (equivalent to $33 per share) and the assumption of
the net debt, with the exception of a net debt of $50 million that will be
assumed by New GLV. Pursuant to the Arrangement, each GL&V shareholder will
receive a per-share consideration of $33 in cash and one share of New GLV.
Holders of Class A subordinate voting shares and Class B multiple voting
shares will receive respectively one Class A subordinate voting share and one
Class B multiple voting share of the New GLV for each corresponding share of
GL&V held.

    About GL&V and New GLV

    Founded in 1975, GL&V is a world leader in liquid/solid separation
technologies used in a large number of industrial, municipal and environmental
processes. The Process Group, which is intended to be transferred to FLS
pursuant to the terms of the Arrangement, offers an extensive selection of
liquid/solid separation solutions intended for metal and minerals processing,
as well as various other industrial markets such as pulp and paper, energy,
chemicals, petrochemicals and food processing. The Water Treatment Group,
which will be transferred to New GLV pursuant to the terms of the Arrangement,
specializes in the development and marketing of equipment for the treatment of
municipal and industrial wastewater and process water used in various
industrial processes, as well as water intake screening solutions for power
stations and desalination plants. The Pulp and Paper Group, also to be
transferred to the New GLV pursuant to the terms of the Arrangement,
specializes in the design and marketing of equipment used in various stages of
pulp and paper production, notably chemical pulping, pulp preparation and
sheet formation, and is a recognized leader in rebuilding, upgrading and
optimization services for existing pulp and paper equipment. Finally, a
Manufacturing unit, which will also be transferred to the New GLV pursuant to
the terms of the Arrangement, specializes in the production of large
custom-made parts for external customers involved mainly in the pulp and paper
and energy sectors, as well as the Pulp and Paper Group.
    Consisting primarily of the Water Treatment Group, the Pulp and Paper
Group and the Manufacturing unit, New GLV will continue to be managed by
GL&V's current management team (with the exception of the Process Group's
officers and managers). Its mission will be to become a world leader in
targeted industrial and municipal solutions, with a strong focus on the
fast-growing environmental technology sector. It will inherit and operate a
solidly established worldwide business that should generate revenues of more
than $500 million in its first year of operation, as well as an excellent
product portfolio, a large and diversified customer base, approximately
1,500 employees working in some 30 countries and an experienced management
team. New GLV will aim for profitable growth and the creation of long-term
shareholder value by replicating the same business model and strategies that
have proven successful for GL&V over the last three decades, based on:
targeted expansion through the acquisition and efficient integration of
complementary businesses, enhancement of its technology portfolio to provide
customers with complete high-performance solutions, a strong aftermarket
business and an optimal cost structure, including through efficient

    Forward-Looking Statements

    Certain statements set forth in this press release that describe the
objectives, projections, estimates, expectations or forecasts of both GL&V and
New GLV may constitute forward-looking statements within the meaning of
securities legislation. Management would like to point out that, by their very
nature, forward-looking statements involve a number of risks and uncertainties
such that New GLV's future results could differ materially from those
indicated. Factors of uncertainty and risk that might result in such
differences include trends in the demand for New GLV's products and cost of
its raw materials, fluctuations in the value of various currencies, pressures
exerted on prices by the competition, compliance with environmental
legislation and general changes in economic conditions. There can be no
assurance as to the materialization of the results, performance or
achievements as expressed in or underlying the forward-looking statements.
Unless required to do so pursuant to applicable securities legislation,
management assumes no obligation as to the updating or revision of the
forward-looking statements as a result of new information, future events or
other changes.

For further information:

For further information: Marc Barbeau, Vice-President and Chief
Financial Officer, (514) 284-2224,

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