Viceroy Homes shareholders approve plan of arrangement

    TSX: VHL.A

    PORT HOPE, ON, Feb. 26 /CNW/ - Viceroy Homes Limited ("Viceroy")
announced today, following a special meeting of shareholders, that its
shareholders have approved the previously announced Plan of Arrangement. Under
the terms of the Arrangement, all Class A Subordinate Voting Shares ("SVS
shares") of Viceroy will be acquired by Growth Technologies (Russia) Limited,
a wholly-owned subsidiary of Joint Stock Company "Open Investments", for $5.00
per SVS share.
    Viceroy Homes anticipates, pending its receipt of a final order from the
Ontario Superior Court of Justice, completing the Plan of Arrangement by the
end of February. With the completion of the Plan of Arrangement, Viceroy's SVS
shares will cease to be listed for trading on the Toronto Stock Exchange.

    This news release may contain forward-looking statements regarding
Viceroy Homes' expectations and beliefs with respect to future event. These
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual events or results to differ
materially from those expressed or implied in such forward-looking statements.
The reader is referred to the documents that Viceroy Homes files from time to
time with applicable Canadian securities and regulatory authorities for a
discussion on certain risks and uncertainties that could cause actual results
to differ from those projected, anticipated or implied. Viceroy Homes does not
undertake to update forward-looking statements.

For further information:

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

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