Clarke Receives $101.2 Million in Proceeds on Sale of Versacold Units for Pre-Tax Gain of Approximately $30.6 Million - Proceeds Will Fund Future Investments


    HALIFAX, Aug. 3 /CNW/ - Clarke Inc. ("Clarke" or the "Company") has
received proceeds of $101.2 million, representing a gain before income taxes
of approximately $30.6 million, on the sale of its units in Versacold Income
Fund ("Versacold" or the "Fund") to Eimskip Holdings Inc. ("Eimskip"), in
connection with Eimskip's takeover of Versacold. Clarke will use the funds to
make strategic and opportunistic investments.
    "We are proud of the achievement that the Versacold transaction
represents for Clarke," said George Armoyan, President and Chief Executive
Officer of Clarke. "We are focused on identifying and capitalizing on
opportunities to increase returns to our shareholders; this transaction
demonstrates the merits of our system for making strategic investments."
    Prior to making its initial investment, Clarke thoroughly researched
Versacold and mapped out strategic options for creating unitholder value. The
Company acquired an interest of approximately 20% in the Fund in July 2006 and
gained Board representation the following month, allowing Clarke to begin
influencing the direction of the Fund. In May 2007, Clarke increased its Board
representation, and became further involved in setting the Fund's strategic
course - leading to the takeover by Eimskip. "The $12.25 per unit offer by
Eimskip represents excellent value for all Versacold unitholders. I commend
the entire Clarke team for their efforts on the Versacold file," said
Mr. Armoyan.
    Clarke will employ the proceeds of the sale of its Versacold units to
fund further and ongoing strategic and opportunistic investments in public and
private entities. "We have identified a number of possible uses for the more
than $148.2 million in cash that we currently have on hand, and are in the
process of completing our financial analysis and planning strategic action,"
commented Rob Normandeau, Chief Operating Officer for Clarke. "We have an
enviable pipeline of potential investment opportunities, and a strong team of
investment, financial and legal professionals to execute on them. We believe
that current market conditions favour Clarke, and we will continue to identify
and act on opportunities for accretive investment, for the benefit of our

    About Clarke

    Clarke is a Halifax-based activist and catalyst investment company with a
diversified portfolio of strategic and opportunistic investments, including
several wholly-owned subsidiaries operating in the transportation services
industry. From time to time, Clarke also participates in joint ventures when
they offer the opportunity to create shareholder value. Led by George Armoyan
and an entrepreneurial team of professionals focused on uncovering and
creating value, Clarke invests in undervalued businesses and participates
actively where necessary to enhance performance and increase returns. In 2006
alone, Clarke delivered a shareholder return on investment, including
dividends, of 33%. Clarke's securities trade on the Toronto Stock Exchange
(CKI, CKI.DB, CKI.DB.A); for more information about Clarke, please visit our
website at

    Forward-Looking Statements

    Certain statements in this news release may contain forward-looking
statements about future operations, financial results, objectives and
strategies of the Company. Forward-looking statements are typically identified
by the words "believe", "expect", "anticipate", "intend", "estimate", and
similar expressions. These statements are necessarily based on estimates and
assumptions that are inherently subject to risks and uncertainties, many of
which are beyond Clarke's control. Actual results may differ materially from
expected results if known or unknown risks affect the business, or if
estimates or assumptions used in the preparation of the consolidated financial
statements and information and analysis in this news release turn out to be
inaccurate. As a result, there can be no guarantee that any forward-looking
statement will materialize. Management disclaims any intention, and assumes no
obligation, to update any forward-looking statement, even if new information
becomes available, as a result of future events or for any other reason.
Readers are urged to consider these and other such factors carefully, and not
place undue emphasis on Clarke's forward-looking statements.
    %SEDAR: 00009934E

For further information:

For further information: Rob Normandeau, Chief Operating Officer, Clarke
Inc., (902) 442-3000

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