Samuel Manu-Tech Inc. - Press release



    TORONTO, Aug. 29 /CNW/ - Samuel Manu-Tech Inc. (SMT-TSX) ("Samuel") today
announced the completion of the sale of its Nanticoke, Ontario steel pickling
operations to U.S. Steel Canada for $37.5 million, subject to normal closing
adjustments.
    Further to the Company's July 30, 2008 press release, "The Company
remains committed to servicing the Southern Ontario marketplace through its
pickling and slitting operations in Stoney Creek," commented Samuel
Manu-Tech's Chairman and Chief Executive Officer, Mark Samuel. "However, the
sale of the Nanticoke assets also recognizes the Company's desire to
reallocate capital into higher growth areas," he added.
    The all cash transaction will result in the recognition of a gain of
approximately $9.6 million net of pension wind-up, severance and other related
costs. All proceeds will be used to repay a portion of the Company's existing
revolving term loan credit facilities.

    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

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SAMUEL MANU-TECH INC.

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