Viceroy Homes announces the appointment of a Special Committee of independent directors

    TSX: VHL.A

    PORT HOPE, ON, Oct. 25 /CNW/ - Viceroy Homes Limited (the "Company")
confirmed today that its Board of Directors has appointed a Special Committee
of independent, non-management directors to consider the previously announced
proposal by Joint Stock Company Open Investments ("OPIN") to acquire all of
the Company's Class A Subordinate Voting Shares at a price of $4.25 (CDN) per
share in cash pursuant to a statutory plan of arrangement that would be
subject to Court and shareholder approvals, including approval by a special
resolution passed by the holders of Class A Subordinate Voting Shares.
    The members of the Special Committee are Bruce Buckley (Chairman), John
Panneton and Christopher Ridabock. The Special Committee has retained Blair
Franklin Capital Partners Inc. to prepare a formal valuation of the Company's
Class A Subordinate Voting Shares and to provide independent financial advice
to the Special Committee in connection with the OPIN proposal. The Special
Committee has engaged Bennett Jones LLP as its independent legal adviser. The
Special Committee will present its recommendations concerning the OPIN
proposal to the Company's Board of Directors in due course.

    Founded 52 years ago, Viceroy Homes is a leader in pre-engineered housing
that offers high quality building designs and materials combined with lower
cost and reduced on-site construction time. Viceroy is the largest supplier of
Canadian housing technology to a growing export market providing superior
housing solutions for builders and developers around the world. The Company
has vertically integrated manufacturing facilities located in Ontario and
British Columbia. Viceroy's Class A Subordinate Voting Shares trade on the
Toronto Stock Exchange under the symbol VHL.A.

For further information:

For further information: William R. Simpson, Vice-President, Finance,
Secretary-Treasurer and CFO, (905) 885-8600 Ext. 220,

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