Onex Subsidiary Emergency Medical Services Prices IPO

Business Wire, Dec 16, 2005

TORONTO -- All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX.SV) announced today that its subsidiary Emergency Medical Services Corporation intends to complete an initial public offering of 8,100,000 shares of class A common stock, representing a 19.5% interest in the company, at a price of approximately $16.20 per share for net proceeds to the company of approximately $117 million. The offering is expected to close on December 21, 2005 and the stock will be listed on the New York Stock Exchange under the symbol "EMS".

Onex acquired EMS in February 2005, investing approximately $266 million for an aggregate 97% equity interest. The investment was funded through Onex Partners LP and certain of its limited partners, including Onex. Onex' share of that investment was approximately $100 million. Following the completion of the offering, Onex and its co-investors will continue to hold 32,107,500 shares of EMS common stock, representing an approximate 77% interest in the company. Onex and Onex Partners have granted the underwriters in the offering an over-allotment option to purchase up to 1,215,000 additional shares of class A common stock at the offering price. If the option is exercised in full, Onex and Onex Partners will continue to own approximately 74% of the EMS common stock.

This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Shares are offered only pursuant to a prospectus. Copies of the prospectus may be obtained by calling 1-800-294-1322 or emailing a request to dg.prospectus_distribution@bofasecurities.com.

Onex Corporation is a diversified company with annual consolidated revenues of approximately $16 billion and consolidated assets of approximately $14 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. Its operating companies include Celestica Inc., Spirit AeroSystems, Inc., Emergency Medical Services Corporation, ClientLogic Corporation, Cineplex Entertainment Limited Partnership, J.L. French Automotive Castings, Inc., Res-Care, Inc., Cosmetic Essence, Inc., Center for Diagnostic Imaging, Inc. and Radian Communication Services Corporation. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.SV.

For more information on Onex, visit its Web site at www.onex.com.

Onex's security filings also can be accessed at www.sedar.com.

Onex Corporation (TSX:OCX.SV)