Student Transportation of America Ltd. Completes Acquisition of Canadex Resources Limited

    TORONTO, Feb. 28 /CNW/ - Student Transportation of America Ltd. ("STA")
and Canadex Resources Limited ("Canadex") announced today that STA has,
through its wholly-owned subsidiary, 2154742 Ontario Limited, acquired all of
the outstanding common shares of Canadex not acquired under STA's takeover
offer made on December 10, 2007, pursuant to the compulsory acquisition
provisions under the Business Corporations Act (Ontario). STA has now acquired
a total of 5,811,005 Common Shares, representing 100% of the Common Shares of
    With the completion of the compulsory acquisition, the common shares of
Canadex have been de-listed from the Toronto Stock Exchange as of the close of
trading on February 27, 2008. Canadex has applied to securities regulators to
cease to be a reporting issuer under Canadian securities laws which, if
granted, will relieve Canadex from its public reporting obligations.

    About STA

    Founded in 1997, STA is the fourth-largest provider of school bus
transportation services in North America, conducting operations through local
operating subsidiaries. STA 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

    About Canadex

    Canadex'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.
    Canadex'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. Canadex holds passive investments in
both oil & natural gas wells in Texas, Oklahoma, Louisiana and Kansas in the

For further information:

For further information: INVESTOR CONTACTS: Denis J. Gallagher, Chairman
and Chief Executive Officer, Student Transportation of America Ltd., Director
and 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, Student Transportation of
America Ltd., (732) 280-4200, (732) 280-4213 (FAX), Email:; Website:

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