Superior Plus Announces May 2010 Cash Dividend, Reestablishment of Dividend
Reinvestment Program and Upcoming Events

TSX: SPB

CALGARY, May 5 /CNW/ -

    
    May 2010 Cash Dividend - $0.135 per share
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Superior Plus Corp. ("Superior") today announced its cash dividend for the month of May, 2010 of $0.135 per share payable on June 15, 2010. The record date is May 31, 2010 and the ex-dividend date will be May 27, 2010. Superior's annualized cash dividend rate is currently $1.62 per share. This dividend is an eligible dividend for Canadian income tax purposes.

    
    Dividend Reinvestment Program
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Superior has determined it will restart its Dividend Reinvestment Program and Optional Share Purchase Program ("DRIP"), commencing with the payment of the May 2010 dividend. Proceeds from the DRIP will be used to reduce existing debt levels and to fund existing and future accretive growth opportunities. The DRIP will provide Superior's shareholders with the opportunity to reinvest their cash dividends in the future growth of the business at a 5% discount to the market price of Superior's common shares.

Under the terms of the DRIP, eligible shareholders of Superior may elect to automatically reinvest their regular monthly dividends in additional common shares of Superior, without incurring any commissions, service charges or brokerage fees. Shareholders who elect to reinvest cash dividends under the DRIP will receive common shares at a price (the Average Market Price) equal to the average closing price of the common shares on the Toronto Stock Exchange for the five day trading period ending on the business day immediately prior to the dividend payment date. The price of the common shares purchased with reinvested dividends will be 95% of the Average Market Price.

Shareholders who participate in the DRIP may also elect to purchase additional common shares by way of cash payment, without incurring any commissions, service charges or brokerage fees. Common shares purchased by way of additional cash payment will be purchased at the Average Market Price, without discount.

Common shares may be purchased under the DRIP commencing with the May 2010 cash dividend payable on June 15, 2010 to Shareholders of record on May 31, 2010. Common shares purchased through the DRIP will be issued directly from the Superior's treasury.

Registered shareholders may enroll in the DRIP by completing an Authorization Form and submitting the completed form to Computershare Trust Company at the address set out in the DRIP. Beneficial shareholders are encouraged to contact their broker or other intermediary for enrollment information. The DRIP is subject to certain limitations and restrictions and interested parties are encouraged to review the full text of the DRIP. The DRIP and the enrollment forms are available on Superior's website at www.superiorplus.com.

    
    Annual Meeting of Shareholders
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Superior's Annual Meeting of Shareholders will be held in the Lecture Theatre of The Metropolitan Conference Centre, 333 - 4th Avenue SW, Calgary, Alberta on Wednesday, May 5, 2010 at 2:00 p.m. MST. A live audio webcast of the meeting, including a corporate presentation will be accessible from Superior's website at www.superiorplus.com under the webcasts section.

    
    Upcoming Release of 2010 First Quarter Results and Conference Call
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The Corporation expects to release its 2010 first quarter results on Wednesday, May 5, 2010. A conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2010 first quarter results is scheduled for 3:30 p.m. MST on Wednesday, May 5, 2010. To participate in the call, dial: 1-888-231-8191. A recording of the call will be available for replay until midnight, June 4, 2010. To access the recording, dial: 1-800-642-1687 and enter pass code: 67432510. Internet users can listen to the call live, or as an archived call, on Superior's website at www.superiorplus.com under the webcasts section.

    
    About the Corporation
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Superior 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.

Superior's 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         7.5% Debentures        $ 69.0 million principal amount
    SPB.db.e         5.75% Debentures       $ 172.5 million principal amount
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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. Forward-looking information in this Press Release includes but is not limited to, assumptions concerning the future payment of dividends and the reestablishment of Superior's dividend reinvestment program. 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 not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to the inability of Superior to meet the liquidity tests set forth in the Canada Business Corporations Act with respect to the payment of dividends and future changes to applicable tax laws and the other risks identified in the Corporation's 2009 Annual Information Form under the heading "Risk Factors", which is available on the SEDAR website (www.sedar.com). Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

For further information: about Superior, 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)