Stackpal acquires Clover Pallet Division of Norspex

Business Wire, Oct 2, 1995

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Oct. 2, 1995--STACKPAL INTERNATIONAL--Stackpal International Inc. today announced that it has reached an agreement to purchase the Clover Pallet Division of Norspex Ltd.

Closing is scheduled for October 6, 1995.

The Clover Pallet Division of Norspex has an all plastic recyclable pallet which is marketed through distributors in Ontario and Quebec.

The terms of the acquisition are $125,000 in cash and 225,000 common shares of Stackpal with a further performance related provision for 225,000 shares and options to purchase 150,000 shares of the Company at $0.50 per share or the right to further shares of the Company valued at $150,000 provided that Clover product sales achieve certain levels over a four year term. Norspex is also entitled to royalties ranging from 1 - 3% based on sales.

Stackpal markets a unique superior reusable, recyclable plastic pallet leg, together with specialized decking systems and related products, to high volume shippers. Management's estimates conclude that overall pallet sales exceed $6 billion annually in North America.

Stackpal shares are expected to be quoted for trading in the near future on the Canadian Dealing Network under the symbol "STAX".

CONTACT: Stackpal International Inc.

Erwin Pruefer, 905/206-9909

or

Hume, Kieran Inc.

Cathy Hume or Jon W. Kieran, 416/868-1079