Judge orders increase in payment for parts; New order will protect Transcast Precision Inc. should auto makers file for bankruptcy



    UPDATE ON AUTO PARTS DISPUTE

    TORONTO, April 21 /CNW/ - The dispute between Wallaceburg-based Transcast
Precision Inc. (Transcast), an auto parts manufacturer, and auto companies
including Chrysler and General Motors continues, as the court issued another
modified endorsement late last week. On Friday, April 17, Madam Justice Hoy
issued a ruling that would see Transcast receive 2 times the original sale
price for parts ordered by the auto giants; the increased amount was
established as protection for Transcast should the auto makers file for
bankruptcy.
    Prior to Friday's updated endorsement, the auto companies were previously
ordered to pay 1.75 times the original sale price on parts.
    In addition to increasing the payment for parts in her April 17th order,
the document also stated that Judge Hoy was still waiting on her earlier
requested list of inventory and proof of payment from items removed from the
Transcast facility by the auto makers.
    "The continuous stream of updates and modified orders issued by Madam
Justice Hoy is a testament to her thorough involvement in this dispute," said
Dean Topolinksi, President, Transcast Precision Inc. "Despite the ongoing
court activity, we remain hopeful that an agreement will be reached that keeps
Transcast's Wallaceburg facility a viable operation for years to come. Our
ideal situation is one where we could collaborate with companies such as
Chrysler."
    In effort to raise awareness around this ongoing auto dispute, among all
relevant parties - from employees to Canadian taxpayers - the auto parts
manufacturing company has started a Facebook group - 'Responsible Auto Parts
Manufacturing' to facilitate open dialogue.





For further information:

For further information: For a media interview with Dean Topolinski, or
for more information, please contact: Mansfield Communications Inc.: Tiffany
Fisher, Office: (416) 599-0024 ext. 222, Mobile: (416) 456-7650; Hugh
Mansfield, Office: (416) 599-0024 ext. 237

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TRANSCAST PRECISION INC

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