Bruce R. Smith Limited exits CCAA and Enters Agreement with Tepper Holdings
Inc.

MISSISSAUGA, ON, Oct. 28 /CNW/ - Effective Wednesday October 27, 2010, Bruce R. Smith Limited ("BRS"), one of Ontario's premiere flatbed and temperature controlled carriers, has exited CCAA and completed a financial recapitalization with an investment group headed by Tepper Holdings Inc. (the "THI Group"). The new arrangement with the THI Group has allowed BRS to do the necessary restructuring and provide the financial resources to move past the recessionary times that put the company in a tenuous position. President and CEO John Smith comments, "Like many carriers, we have had a tough go the past two years and it has taught me how valuable our sixty plus years in this business really is. I owe a lot to our seasoned team and our long standing customers who have stayed with us through these turbulent times. I am pleased to announce that we are back on our feet and have a solid footing thanks to the agreement with the THI Group."

BRS, who continues to handle the specialized truckload requirement of Canada's steel, food and beverage industries had obtained protection from its creditors in the fall of 2009, pursuant to Canada's Companies Creditors' Arrangement Act, which allowed the company time to restructure its business and affairs. With the agreement signed today with the THI Group, that necessary restructuring has been finalized. Ron Tepper, CEO of Tepper Holdings Inc. comments, "We are pleased that John Smith will actively continue his historical role as President and CEO of BRS. He knows his business best and has done a great job of maintaining the relationships necessary to guide the company through gruelling conditions. What we and the members of the THI Group have brought to the table is considerable financial stability and additional resources that will make it possible for John to successfully grow the business for generations to come. I am excited about what we can accomplish with our combined talents."

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Bruce R Smith was formed in 1947 and has grown its business by offering primarily Ontario based customers a diverse range of equipment to suit specialized requirements across many industries. They have 5 facilities in Ontario to keep their operations flowing smoothly and their specialized equipment in top condition. The company is best known for its flatbed fleet and steel industry expertise, along with a wide range of temperature controlled tandem and tridem vans geared to the food and beverage industry. They serve the North American truckload markets with primary service areas that include Ontario, Quebec and the Eastern half of the United States. To find out more about Bruce R. Smith visit their website at www.brsmith.com . To learn more about Tepper Holdings Inc. Visit their website at www.tepperholdings.com

For further information:

Kristine Thomas, Tepper Holdings [phone] x 201 [email protected]