Student Transportation of America Ltd. Commences Compulsory Acquisition of the Remaining Common Shares of Canadex Resources Limited

    TORONTO, Jan. 28 /CNW/ - Student Transportation of America Ltd. ("STA")
and Canadex Resources Limited ("Canadex") announced that STA has, through its
wholly-owned subsidiary, 2154742 Ontario Limited, mailed a notice of
compulsory acquisition to the remaining holders of common shares (the "Common
Shares") of Canadex.
    Following STA's offer to acquire all of the Common Shares, STA
beneficially owns approximately 93.1% of the issued and outstanding Common
    Since STA's offer was accepted by holders of more than 90% of the Common
Shares, STA is now exercising its right under the compulsory acquisition
provisions of the Business Corporations Act (Ontario) to acquire all
outstanding Common Shares not already beneficially owned by it on the basis of
$5.72 cash per Common Share. Further details are provided in the notice of
compulsory acquisition.
    Upon completion of the compulsory acquisition, STA intends to de-list the
Common Shares from the Toronto Stock Exchange and to cause Canadex to cease to
be a reporting issuer.

    About Student Transportation

    Founded in 1997, Student Transportation is the fourth-largest provider of
school bus transportation services in North America, conducting operations
through local operating subsidiaries. Student Transportation has become a
leading school bus transportation company by aggregating operations through
the consolidation of existing providers and conversion of in-house operations
and currently operates more than 5,000 school vehicles in North America. For
more information, please visit

    Canadex's Profile

    The Group's school bus operations provide home-to-school student
transportation and complementary school charter services through its Parkview
Transit Division and two other wholly-owned subsidiaries. All three operating
units are located in the rapidly growing "Golden Horseshoe" region surrounding
the Greater Toronto Area in Peel, York and Simcoe. Together, they are one of
the largest independent school bus operators in Ontario.
    The Group's oil & gas investment activities are conducted through Canadex
Resources Inc., a wholly owned subsidiary of the company and incorporated in
Alberta. Canadex invests as a non-operator and minority interest investor in
properties for the exploration and upstream production of crude oil, natural
gas and condensates. The Group holds passive investments in both oil & natural
gas wells in Texas, Oklahoma, Louisiana and Kansas in the U.S.

    Forward-Looking Statements

    This news release contains "forward-looking statements" within the
meaning of applicable securities laws, which reflects the expectations of
management regarding STA's results of operations, expense levels, cost of
capital, financial leverage, seasonality, cash flows, performance, liquidity,
borrowing availability, financial ratios, ability to execute the STA's growth
strategy and cash distributions. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may", "will",
"expect", "intend", "track", "targeted", "estimate", "anticipate", "believe",
"should", "plans" or "continue" or similar expressions suggesting future
outcomes or events. These forward looking statements reflect STA's current
expectations regarding anticipated future events, results, circumstances,
performance or expectations, which are not historical facts. Forward looking
statements involve significant risks and uncertainties, and should not be read
as guarantees of future performance or results, and will not necessarily be
accurate indications of whether or not or the times at which or by the
performance or results will be achieved. A number of factors could cause our
actual results to differ materially from the results discussed, expressed or
implied in any forward-looking statement made by us or on our behalf,
including, but not limited to the factors discussed under "Risk Factors" in
our Annual Information Form. These forward looking statements are made as of
the date of this news release and, except as required by applicable law, we
undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.

For further information:

For further information: INVESTOR CONTACTS: Student Transportation of
America Ltd. and Canadex Resources Limited, Denis J. Gallagher, Chairman and
Chief Executive Officer, Student Transportation of America Ltd., Chief
Executive Officer, Canadex Resources Limited, (732) 280-4200, (732) 280-4213
(FAX); Patrick J. Walker, Executive Vice President and Chief Financial
Officer, Student Transportation of America Ltd., Chief Financial Officer,
Canadex Resources Limited, (732) 280-4200, (732) 280-4213 (FAX); Keith P.
Engelbert, Director of Investor Relations, (732) 280-4200, (732) 280-4213
(FAX), Email:; Websites: and

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