METRO INC. ANNOUNCES PLAN TO BUY BACK SHARES THROUGH PRIVATE AGREEMENTS

MONTREAL, Feb. 15 /CNW Telbec/ - Metro inc. ("Metro") (TSX: MRU.A) announced today that it intends to purchase for cancellation up to 190,000 of its Class A Subordinate Shares pursuant to private agreements between Metro and an arm's-length third-party seller. Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place on or before March 31, 2011. The price that Metro will pay for any Class A Subordinate Shares purchased by it under such agreements will be negotiated by Metro and the seller and will be at a discount to the prevailing market price of Metro's Class A Subordinate Shares on the Toronto Stock Exchange at the time of the purchase.

The said purchases will form part of Metro's 6-million share repurchase program announced on September 8, 2010. This repurchase program was amended on November 12, 2010 to allow for purchases outside the facilities of the TSX pursuant to exemption orders issued by a securities regulatory authority. Under the amended terms of the share repurchase program, Metro may purchase Class A Subordinate Shares for cancellation by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority and such purchases will be at a discount to the prevailing market price as provided in the exemption order.

Forward-looking Information

We have used, in this press release, different statements that could, within the context of regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information (each a "forward-looking statement"). In general, any statement contained herein, which does not constitute a historical fact, may be deemed a forward-looking statement, including potential purchases of Class A Subordinate Shares for cancellation under a normal course issuer bid and pursuant to private agreements forming part thereof. Expressions such as "sustain", "anticipate", "intend" and other similar expressions are generally indicative of forward-looking statements. These forward-looking statements do not provide any guarantees as to the future performance of Metro and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. We believe these statements to be reasonable and pertinent as at the date of publication of this press release and represent our expectations. Metro assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable Canadian securities laws. In the event Metro does update any forward-looking statement, no inference should be made that Metro will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Metro Inc.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Québec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.

SOURCE METRO INC.

For further information:

Source:    Metro inc.
   
For further information:  

Richard Dufresne
Senior Vice-President and Chief Financial Officer
514 643-1003
   


Marie-Claude Bacon
Director, Corporate Affairs
514 643-1086


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