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GIMLI, MB, CANADA March 27, 2007 - After only 5 days of bargaining, Faroex Ltd., a division of Sigma Ventures Inc., and the UFCW Local 832 announced January 23rd, 2007 that a five-year collective agreement had been ratified by over 80% of the 68 members employed by the high-technology, composite processing firm. Jeff Traeger, the Local?s Secretary-Treasurer stated, ?This is a strong contract for the members at Faroex. Our committee did a great job at the bargaining table.? In fact, this was the first deal between the Local and Faroex that did not result in a labour dispute.
The Members will see a 33% wage increase over the life of the agreement, with other benefits including an improved ?boot allowance?, substantial increases in their evening and night premiums, and new language in the collective agreement that provides members with a minimum 10-hour respite between shifts. The agreement also sets out a schedule for days worked and days off for 12-hour shifts over a four-week period. ?I am satisfied that the new agreement will provide Faroex and its employees with a stable work environment while still maintaining competitiveness, ?said Kevin Lusk, CEO. Lusk was responsible for negotiating the management side of the agreement in record time. ?This agreement allows us the latitude of offering our OEM customers longer-term supply contracts that improve their competitive stance in increasingly volatile markets,? continued Lusk. ?Customers have responded very positively to the agreement, which they feel improves Faroex?s position as a valued, trusted, and reliable supplier.?
January 30, 2007 - Quebec (Quebec) ? Sigma Ventures Inc. (TSX Venture Exchange: SVX), a leading plastic composite and metal products manufacturer, today announced the acquisition of the assets of Camoplast?s composite division located in Acton Vale, Quebec for $4.7 million. The purchase price is subject to a future adjustment based on the book value of inventories and the cost of prepaid expenses over the 60-day period
following the closing date. The transaction will be paid in part through the issuance to Camoplast Inc. of 1.625 million common shares of Sigma Ventures, with the remaining balance to be paid in cash. Camoplast?s Acton Vale assets are comprised of a state of the art facility which utilizes the ?in mold coating for robotized spray molding technology.? This technology allows the production of a finished product that is ready for final assembly. The plant manufactures a range of composite hoods for Class 8 highway and vocational trucks, as well as B6 Magnum series tractors and directly employs approximately 85 people. Sales were approximately $12 million over the past twelve months. ?This acquisition represents a significant step for Sigma in the ongoing consolidation of the composite plastics manufacturing industry,? stated Sigma President and CEO, Denis Bertrand. ?While the transaction allows Sigma to acquire a new, promising technology, it also solidifies our advantageous market position and will strengthen our two other Beauce, Qu颥c facilities through the exchange of best practices as well as new market opportunities. We are pleased to welcome our new employees in Acton Vale and are looking forward to joining forces with them to continue Sigma?s growth.
The acquisition is being carried out through 3547141 Canada inc., a wholly owned subsidiary of Sigma which will operate these assets as a going concern. The transaction was concluded at arms length between unrelated parties and does not result in the addition of a new insider or a new dominant shareholder in Sigma Ventures. The Company has not incurred any commission or intermediation fee as a result of the transaction.
July 4, 2006 ? Gimli, Canada ? Kevin Lusk, CEO of Faroex Ltd. a Division of Sigma Ventures announced today that Sigma had acquired Rene Composite Materials. With annual revenues in the $60 million range, the Quebec-based composites processing firm is a key supplier of heavy truck engine hoods, roof spoilers, and cabs to Kenworth, Volvo, Paccar, Mack, and Peterbuilt. Rene will remain focused on the automotive/heavy truck industry. Lusk was optimistic about the acquisition, ?Rene and Faroex will operate as separate divisions of Sigma Ventures, developing their own future goals but may from time to time collaborate on specific opportunities where our resources might be mutually beneficial to each other and the overall aspirations of Sigma.? Rene Composites has manufacturing facilities in the Beauce region of Quebec and in the southeastern US. The firm?s composite processing technologies include RTM, SMC, RIM, and SRIM and compliment Faroex?s structurally-oriented processing technologies.
March 30, 2006 ? Gimli, Canada ? Kevin Lusk, CEO of Faroex Ltd. announced today that Faroex Ltd. has been sold to Sigma Ventures Inc. a Quebec-based holding company. ?Under the new ownership, Faroex will operate as a stand alone division with myself directing it's future.? Faroex?s former owner, Ken Church, announced his retirement from the firm some days previous to the take over.
Faroex remains committed to enhancing it's position in the bus, coach and LRT industry sectors. ?From a technical position we have key, ongoing research and development into composite-based, load bearing structures, development in rot-proof, long-term-warranty floors and the immediate introduction of our 48" pultrusion capability for core filled, flat panel and complex shaped profiles,? said Lusk. Faroex also remains committed to a U.S. based presence and an enhancement of it's overall capabilities through acquisition. Over the course of the last year Faroex has entered into discussions with a number of composite firms having different but complimentary technologies. While a U.S. manufacturing presence is not specifically directed at the firm?s interests in transportation products and their U.S. content requirements, this creation of both presence and enhancement in capabilities is said to improve Faroex?s business opportunities in this sector.
Faroex Ltd. is solely responsible for the content of its Press Releases; however, quotations appearing therein do not necessarily express the view of Faroex Ltd. or Sigma Ventures Inc. and should not be construed as official and binding statements.