Garneau Inc. announces credit facility extension and appointment of interim


NISKU, AB, Nov. 13 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces today that Mr. Jim Schultz has been appointed interim Chief Financial Officer (CFO) of Garneau Inc. effective November 2, 2009. Jim has replaced Ms. Megan Picard, who, as previously announced has left Garneau Inc. to pursue a new career opportunity with Bayou Perma Pipe Canada Inc.

Mr. Schultz, Special Assistant, CFO and previous Corporate Controller, is in his 22nd year with the Company. Mr. Schultz is a Certified General Accountant (CGA) and prior to joining Garneau Inc., had worked in senior financial positions in the private sector.

Garneau's principal lender, HSBC Bank Canada Inc. ("HSBC"), has extended Garneau's credit facility in the amount of $2 million to the close of business on July 31, 2010.

Garneau is currently focusing on their Oilfield Manufacturing Business.

    About Garneau Inc.
    Garneau Inc. 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 known for
innovative technology. The Corporation's website can be accessed at

    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

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

%SEDAR: 00008952E


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

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