Superior Plus Announces Completion of Common Share Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

TSX: SPB

CALGARY , Feb. 10 /CNW/ - Superior Plus Corp. ("Superior" or the "Corporation") is pleased to announce the successful closing of the previously announced issue of an aggregate of 5,002,500 common shares in the capital of the Corporation ("Common Shares") at a price of $13.85 per Common Share for gross proceeds of approximately $69.3 million . The gross proceeds include the full exercise of the over-allotment option granted to the underwriters.

The Common Shares were offered to the public through a syndicate of underwriters co-led by Scotia Capital Inc., National Bank Financial Inc. and TD Securities Inc., including CIBC World Markets Inc., BMO Capital Markets and Cormark Securities Inc.. As previously announced, Superior intends to use the net proceeds from the financing to partially finance the acquisition of Griffith Holdings, Inc. ("Griffith") a retail and wholesale distributor of propane, heating oil and motor fuels in upstate New York. The Common Shares of Superior are traded on the Toronto Stock Exchange under the symbol "SPB".

About the Corporation

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Superior is a diversified corporation. Superior holds 100% of Superior Plus LP, a limited partnership formed between Superior General Partner Inc., as general partner and Superior as limited partner. Superior is focused on stability of dividends with value growth. Superior Plus LP consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates and related fixed-price energy services; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.

The Corporation's common shares and convertible debentures trade on the TSX as follows:

    
    Trading Symbol        Security                Issued and Outstanding
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    SPB                Common Shares           104.9 million
    SPB.db.b           5.75% Debentures,      $174.9 million principal amount
                        Series 1
    SPB.db.c           5.85% Debentures,      $75.0 million principal amount
                        Series 1
    SPB.db.d           7.50% Debentures       $69.0 million principal amount
    -------------------------------------------------------------------------
    

Forward Looking Information

Certain information included in this Press Release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking information is based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, risks associated with the ability to satisfy regulatory and commercial closing conditions of the acquisition. Forward looking information contained in this press release is made as of the date hereof and is subject to change. The Corporation assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law.

For further information: about Superior Plus, please visit our website at: www.superiorplus.com or contact: Wayne Bingham, Executive Vice-President and Chief Financial Officer, Tel: [phone], Fax: [phone], E-mail: [email protected] or Jay Bachman, Vice-President, Investor Relations and Planning, Tel: [phone], Fax: [phone], E-mail: [email protected], Toll Free: 1-866-490-PLUS (7587)