General Fasteners Inc. announces completion of going-private transaction



    CALGARY, Aug. 15 /CNW/ - General Fasteners Inc. (TSXV: GFN) (the
"Corporation") announces that it has completed the previously announced
going-private transaction, pursuant to a plan of arrangement (the
"Arrangement") under section 193 of the Business Corporations Act (Alberta)
(the "ABCA") involving the Corporation, the shareholders of the Corporation
and General Packaging Corp. (the "Purchaser"). An annual general and special
shareholders meeting was held on August 14, 2007 and the shareholders of the
Corporation considered and approved, among other things, the Arrangement.
Under the Arrangement, the Purchaser has acquired all of the issued and
outstanding common shares of the Corporation not owned by the shareholders of
the Purchaser at $0.58 per share. The Court of Queen's Bench of Alberta
approved the Arrangement by granting a final order on August 14, 2007. The
Articles of Arrangement, giving effect to the Arrangement under the ABCA, were
filed on August 15, 2007. The common shares of the Corporation will be
delisted from the TSX Venture Exchange in due course.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.




For further information:

For further information: Gordon C. Ellison, Chief Financial Officer of
the Corporation at (403) 287-7130

Organization Profile

GENERAL FASTENERS INC.

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