Consolidated Mercantile Incorporated completes sale of shares of Polyair Inter Pack Inc.


    TORONTO, Dec. 31 /CNW/ - Consolidated Mercantile Incorporated ("CMI" the
"Company") announced today that it has completed a private sale of all of its
share holdings in Polyair Inter Pack Inc. ("PPK") to Glencoe Skydome Holdings,
L.P., an affiliate of Glencoe Capital LLC ("Glencoe"). The sale of 1,549,845
common shares of PPK was completed for proceeds of US$6,168,383.10. The
transaction, which has been under active consideration as part of the Board's
continuing evaluation of potential strategies to maximize shareholder value,
provides the Company future opportunity and potential.

    CMI is a management holding company which effects its investment strategy
through investment in, management of and merchant banking to its core
strategic industries.

    "Safe Harbor" statement under the Private Securities Reform Act of 1995:

    This release contains forward-looking statements which reflect
management's current views of future events and operations. These
forward-looking statements are based on assumptions and external factors,
including assumptions relating to product pricing, competitive market
conditions, financial data, and other risks or uncertainties detailed from
time to time in the Company's filings with the Securities and Exchange
Commission. These forward-looking statements represent the Company's judgment
as of the date of this release and any changes in the assumptions or external
factors could produce significantly different results.

For further information:

For further information: Stan Abramowitz, Secretary, (416) 920-0500,
Consolidated Mercantile Incorporated, 106 Avenue Road, Toronto, Ontario, M5R
2H3; Christopher J. Collins, (312) 795-6300, Glencoe Capital, LLC, 222 West
Adams Street, Suite 1000, Chicago, IL, 60606; Stysia Reay, (416) 679-6591,
Polyair Inter Pack Inc., 330 Humberline Drive, Toronto, Ontario, M9W 1R5

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