Superior Plus Provides Update on its Chilean Facility

TSX: SPB

CALGARY, March 1 /CNW/ - Superior Plus Corp. ("Superior") extends its deepest sympathies to the people of Chile in the aftermath of the devastating earthquake on Saturday, February 27, 2010. None of Superior's employees were injured and the facility has been safely secured with no safety or reportable environmental incidents as a result of the earthquake.

Superior's 55,000 metric tonne, sodium chlorate facility located in Mininco, Chile has been subject to some damage, the extent of which at this point has not been conclusively determined, and as a result, the facility has been safely shut down. The facility, which was completed in 2006, was built in accordance with strict Chilean earthquake related building standards, which appears to have mitigated the extent of the damage. Superior has direct and ongoing communication with management at the facility and is continuing to assess the impact of the earthquake. A thorough commissioning risk assessment is planned before the facility is restarted. Superior's insurance includes physical property damage and business interruption coverage caused by the earthquake. In addition, Superior is in contact with CMPC Celulosa S.A. the primary purchaser of sodium chlorate from the facility, to assess the state of its pulp and paper mills located in Chile. The facility represents approximately 11% of Superior's annualized sodium chlorate manufacturing capacity.

    
    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, Series 1   $174.9 million principal amount
    SPB.db.c    5.85% Debentures, Series 1   $ 75.0 million principal amount
    SPB.db.d    7.5% Debentures              $ 69.0 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 status of the facility. 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 lack of complete information to completely assess the facility 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)