Samuel Manu-Tech Inc. - Press Release



    TORONTO, July 30 /CNW/ - Samuel Manu-Tech Inc. (SMT-TSX) ("Samuel") today
announced the signing of a non-binding letter of intent to sell all of its
Nanticoke, Ontario steel pickling operations to its major customer, U.S. Steel
Canada.
    "The Company remains committed to servicing the Southern Ontario
marketplace through our state-of-the-art steel pickling and slitting
operations in Stoney Creek, Ontario", commented Samuel Manu-Tech's Chairman
and Chief Executive Officer, Mark Samuel. "The decision to sell the Nanticoke
pickling lines reflects the company's expectations for reduced steel pickling
demand in the Ontario marketplace and the desire to reallocate capital into
higher growth areas", he added.
    The transaction is anticipated to close in the third quarter of 2008,
following the completion of due diligence and ongoing negotiations.

    Samuel Manu-Tech Inc. is a leading North American industrial products and
technology company producing a wide range of steel, plastic and related
industrial products and services from locations in Canada, the United States
and Mexico.

    Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements.

    %SEDAR: 00002004E




For further information:

For further information: John D. Amodeo, Vice President and Chief
Financial Officer, Samuel Manu-Tech Inc., 185 The West Mall, Suite 1500,
Toronto, Ontario, M9C 5L5, Tel: (416) 626-2190, www.samuelmanutech.com, Email
Address: smt@samuelmanutech.com

Organization Profile

SAMUEL MANU-TECH INC.

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