Kingstown Capital Funds acquires common shares of Primary Energy Recycling
Corporation

NEW YORK, May 21 /CNW/ - Kingstown Capital Management LP ("Kingstown Capital") announced today that on May 20, 2010, Kingstown Partners LP ("Kingstown Partners") acquired ownership of 223,900 common shares of Primary Energy Recycling Corporation ("Primary Energy") representing 0.167% of the outstanding common shares. The common shares were acquired on the Toronto Stock Exchange at a price of $1.0088 per common share. Kingstown Capital is the investment manager of Kingstown Partners and exercises control and direction over the securities directly acquired by it. As a result of the acquisition, Kingstown Partners, together with its joint actors, collectively hold 13,635,472 (10.16%) of the outstanding common shares of Primary Energy.

The common shares were acquired for investment purposes only. Kingstown Capital and Kingstown Capital, on behalf of Kingstown Partners and the other funds managed by it, may acquire additional common shares of Primary Energy or dispose of some or all of the common shares of Primary Energy currently held by Kingstown Partners or such other funds.

SOURCE KINGSTOWN CAPITAL MANAGEMENT LP

For further information: For further information: Michael Blitzer, Kingstown Capital Management, 11 East 44th Street, Suite 704, New York, NY, 10017, (212) 319-1309

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KINGSTOWN CAPITAL MANAGEMENT LP

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