Garneau Inc. Announces 90 Day Repayment Extension Granted by its Principal Lender

    TSX - GAR

    NISKU, AB, June 1 /CNW/ - Garneau Inc. (GAR:TSX) announces that, further
to its press release of April, 22nd, 2009, Garneau's principal lender, HSBC
Bank Canada Inc. ("HSBC"), has extended the request for repayment of
approximately $12 million under Garneau's credit facility to the close of
business on August 31st, 2009.
    Garneau's financial advisor, Peters & Co. Limited, continues to work with
the Special Committee of Garneau's Board of Directors in its review of
strategic alternatives for Garneau.
    Garneau will issue further announcements regarding the foregoing matters
in due course.

    About Garneau Inc.

    Garneau Inc's primary business is the application of high performance
protective coating and linings for oil and gas pipeline protection.
Additionally, the Corporation designs and fabricates oilfield equipment for
both domestic and international markets. With over 30 years of operating
experience, Garneau Inc. has developed a significant level of expertise and is
well know for innovative technology. The Corporation's website can be accessed

    Forward-Looking Information

    Certain information in this press release contains forward-looking
statements. These statements relate to future events or our future
performance. All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"would" and similar expressions. These statements involve substantial known
and unknown risks and uncertainties, certain of which are beyond Garneau's
control, including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are interpreted and
enforced; fluctuations in commodity prices and foreign exchange and interest
rates; stock market volatility and market valuations; volatility in market
prices for oil and natural gas; liabilities inherent in oil and natural gas
service operations; product demand and market acceptance; the impact of
competitive products and pricing; technological advancements; competition for,
among other things, capital, work orders and skilled personnel; incorrect
assessments of the value of acquisitions; changes in income tax laws or
changes in tax laws and incentive programs relating to the oil and gas
industry; technical and processing problems and other difficulties in
producing products for the petroleum exploration and production industry; and
obtaining required approvals of regulatory authorities. Garneau's actual
results, performance or achievement could differ materially from those
expressed in, or implied by, such forward-looking statements and, accordingly,
no assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of them do, what
benefits that Garneau will derive from them. Except as required by law,
Garneau undertakes no obligation to publicly update or revise any
forward-looking statements. For Risk Factors in respect of Garneau, please
refer to our Annual Information Form at

    %SEDAR: 00008952E

For further information:

For further information: Glen Garneau, President and CEO,; Megan Picard, Interim CFO,;
Phone (780) 955-2396, Fax: (780) 955-7715

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