WELLAND, ON, Oct. 21 /CNW/ - Lakeside Steel Inc. ("Lakeside")
(TSX-V: LS), formerly Added Capital Corp., is pleased to announce that it
intends to purchase a maximum of 3,220,476 of its common shares, representing
approximately 5% of the issued and outstanding common shares of Lakeside, by
way of a normal course issuer bid ("NCIB"). Lakeside currently has 64,409,524
common shares issued and outstanding. Purchases may commence on October 27,
2008, and will terminate no later than October 26, 2009.
Purchases of the common shares will be effected through the facilities of
the TSX Venture Exchange ("TSX-V") on behalf of Lakeside by Northern
Securities Inc. The purchase and payment for the common shares purchased will
be made by Lakeside in accordance with the requirements of the TSX-V and the
price which Lakeside will pay for any such common shares will be the market
price of such common shares at the time of acquisition. Common shares
purchased pursuant to the NCIB will be cancelled.
Lakeside will make no purchases of common shares other than open market
Lakeside believes that, at certain times, the market price of its common
shares may not adequately reflect the value of its business and its future
business prospects. As a result, Lakeside believes that its outstanding common
shares may, at such times, represent an attractive investment and an
appropriate and desirable use of its available funds.
No director or senior officer of Lakeside intends to sell common shares
of Lakeside during the period of this Notice. To the knowledge of Lakeside, no
associate of a director or senior officer of Lakeside, and no person acting
jointly or in concert with Lakeside and no person holding ten (10%) percent or
more of any class of equity securities of Lakeside intends to sell common
shares of Lakeside during the period of this Notice.
Lakeside also wishes to clarify its press release of October 20, 2008, to
specify that the name change from Added Capital Corp. to Lakeside Steel Inc.
remains subject to TSX-V approval which approval is expected to be received by
the end of the week.
About Lakeside Steel Inc.
Lakeside is the parent company of Lakeside Steel Corporation ("Lakeside
Steel"). Lakeside Steel, located in Welland, Ontario, is a diversified steel
pipe and tubing manufacturer. Lakeside Steel's list of customers includes
large oil and gas, mining, automotive and commercial and industrial supply
companies. In addition to supplying its products in these industries, Lakeside
Steel manufactures pipe and mechanical tubing for the resale market, which are
sold to distributors in Eastern Canada and the Northeastern United States.
Lakeside Steel manufactures a variety of products for these industries
including oil well tubing and casing, mechanical tubing, pressure tubing,
automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe,
drill rod and specialty tubing. Lakeside Steel serves customers worldwide,
either directly or indirectly, in Canada, Australia and the United States.
The TSX-V does not accept responsibility for the adequacy or accuracy of
this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
For further information:
For further information: Kyler Wells, Corporate Secretary, Lakeside
Steel Inc., Tel: (416) 644-8177, Fax: (416) 644-0271, Email: