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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces Completion of the Sale of its Manufacturing Business to IKO Industries Ltd.

 

Toronto, Canada; November 14, 2003. – Polyphalt Inc. (the “Company”) announced that it, and its subsidiary GH Real Estate Inc. (“GHR”), have completed an asset purchase agreement to sell its manufacturing business and its subsidiary’s real estate holdings to IKO Industries Ltd. (the “Buyer”).  All of the conditions required to convey the Company’s assets to the Buyer pursuant to the purchase agreement dated September 25, 2003 between the Company, GHR and the Buyer and the court order issued by the Ontario Superior Court of Justice on October 24, 2003 approving the sale of assets, were satisfied or waived.

For further information, please contact:

Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces an Extension of the Time Period for Filing of a Proposal and 
the Sale of its Manufacturing Business

Toronto, Canada; October 28, 2003. – Polyphalt Inc. (the “Company”) announced that it has obtained a 45-day extension of the time period to file its proposal to its creditors pursuant to the Bankruptcy and Insolvency Act.  This also extends the Company’s protection from its creditors in order to permit the Company to continue its restructuring process.  The extension will provide the Company with protection from its creditors until December 10, 2003 (subject to further extension with court approval) while it considers its restructuring alternatives.

Polyphalt also announced that it, and its subsidiary GH Real Estate Inc., have entered into an asset purchase agreement to sell its manufacturing business and its subsidiary’s real estate holdings to a third party purchaser (the “Buyer”).  The Buyer has agreed to purchase these assets subject to certain conditions that must be satisfied or waived prior to closing.  One condition of closing, the granting of a court order (the “Order”) approving the sale of assets to the Buyer and the vesting of the assets in the Buyer, was satisfied by the issuance of the Order by the Ontario Superior Court of Justice on October 24, 2003.  Assuming that all conditions to closing are satisfied or waived, it is anticipated that closing will occur in November, 2003.

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces an Extension of the Time Period for Filing of a Proposal

 

Toronto, Canada; September 11, 2003. – Polyphalt Inc. (the “Company”) announced that it has obtained a 45-day extension of the time period to file its proposal to its creditors pursuant to the Bankruptcy and Insolvency Act.  This also extends the Company’s protection from its creditors in order to permit the Company to continue its restructuring process.  The extension will provide the Company with protection from its creditors until October 27, 2003 (subject to further extension with court approval) while it considers its restructuring alternatives. 

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces Filing of Notice of Intention to Make a Proposal

 

(Toronto, Canada; July 29, 2003) – Polyphalt Inc. (the "Company") announced that the Company has obtained a 43 day extension of its protection from its creditors under the Bankruptcy and Insolvency Act in order to continue its restructuring process.  The extension will provide the Company with protection from its creditors until September 12, 2003 (subject to further extension with court approval) while it considers its restructuring alternatives. 

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces Extension of Time For Repayment of its Secured Loan

 

(Toronto,  July 2, 2003) – Polyphalt Inc. (the "Company") announced that the Company will today be filing a “Notice of Intention to Make a Proposal”(“ NOI” ) under the Bankruptcy and Insolvency Act.  The filing will provide the Company with protection from its creditors for 30 days (subject to extension with court approval) while it considers its restructuring alternatives.  Coincident with that filing, the Company is engaging Deloitte & Touche Inc. (“Deloittes”) to provide counsel, identify restructuring opportunities and serve as NOI trustee assisting the Company in realizing economic value for its stakeholders. 

In a press release issued in June 2003 the Company reported that its key secured lender, Grandwin Holdings Limited (“Grandwin”) had demanded repayment of Grandwin’s secured advances.  In a subsequent press release, the Company reported that Grandwin twice extended the date on which payment of such secured advances was to be made.  Currently, the payments are due on or before June 28, 2003 and the Company is not in a position to repay Grandwin at this time.  On June 30, 2003, Grandwin delivered Notices of Intention to Enforce Security under the Bankruptcy and Insolvency Act to the Company. The Company intends to seek opportunities to generate value for its stakeholders by finding investors or strategic purchasers for some or all of its assets.  The Company is currently reviewing a number of non-binding expressions of interest with respect to certain of its assets.

Mr. Douglas Kong, CEO said:  “We are very disappointed that we haven’t been able to generate sufficient cash flow to enable us to repay our secured debt and other obligations.  We have explored a number of alternatives to refinance the Company and/or generate value from a sale of some of the Company’s assets.  However, in the current economic climate, the Company will need additional time to complete these transactions and the Company intends to pursue all available options to maximize stakeholder value during the restructuring process.  Our employees have been extremely supportive while we’ve pursued these initiatives and we are very grateful to them for their on-going activities and loyal support.”

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces Extension of Time For Repayment of its Secured Loan

 

(Toronto, June 23, 2003)  Polyphalt Inc. announced today that Grandwin Holdings Limited has agreed to further extend the time for repayment of its secured loan until June 28, 2003 while Polyphalt continues to seek for other refinancing or investor alternatives. As previously announced, Grandwin issued a demand for repayment of its secured loan to Polyphalt in a notice dated June 4, 2003 and has previously agreed to extend the repayment date under the Loan Agreement until June 21, 2003.

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Announces Extension of Time For Repayment of its Secured Loan

 

(Toronto, June 16, 2003)  Polyphalt Inc. announced today that Grandwin Holdings Limited has agreed to extend the time for repayment of its secured loan until June 21, 2003 while Polyphalt continues to seek for other refinancing or investor alternatives. As previously announced, Grandwin issued a demand for repayment of its secured loan to Polyphalt in a notice dated June 4, 2003.

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Grandwin calls the loan to Polyphalt

(Toronto, June 6, 2003)  On March 5, 2003, Polyphalt disclosed that it had negotiated a loan from Grandwin Holdings Limited (Grandwin) in an amount of $ 4 million. Pursuant to the terms of the loan, Grandwin has advanced to Polyphalt $ 1 million and this amount remains outstanding.

Polyphalt announced today that it has received notice dated June 4, 2003 from Grandwin declaring the loan and other amounts payable under the Loan Agreement to be immediately due and payable and has made a formal demand to Polyphalt for the immediate payment of the sum of Cdn $ 1,010,582.01, together with all interest which accrues thereon until payment in full and all expenses incurred by Grandwin in recovering payment of all amounts due to it by Polyphalt. If Polyphalt fails to make the payment within the next ten days, the notice states that Grandwin will pursue such remedies as it may deem appropriate.

In its notice Grandwin states that it has determined that the anticipated termination of the relationship between Polyphalt and one of its largest licensees, the revision of Polyphalt’s internal forecasts and the fundamental re-analysis of Polyphalt’s current business model constitue, at this time, an event likely to have a Material Adverse Effect and that, as a result, Polyphalt is in default of its obligation under the Loan Agreement pursuant to Section 6.1 (m) of the Loan Agreement.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

Polyphalt Announces Recent Development in Discussions with Grandwin Holdings Limited

 (Toronto, May 29, 2003)  Polyphalt Inc. announced today that it has been informed by Grandwin Holdings Limited that “having received and considered advice from our financial advisor, and given the cost and complexity of any proposed transaction and the recent or impending resignations of all of the independent directors of Polyphalt, we have concluded that we will not after all be willing to expend any additional funds either to acquire the shares of Polyphalt or to provide it with additional debt financing”.

Grandwin owns about 63.5% of Polyphalt's common shares.

On March 5, 2003,  Polyphalt disclosed that it had negotiated a loan from Grandwin in an amount of $4 million.   Pursuant to the terms of the loan, Grandwin has advanced to Polyphalt $1 million and this amount remains outstanding.  

On May 23, 2003, Polyphalt disclosed that Grandwin has informed Polyphalt that an event of default has occurred under the loan arrangement.   Grandwin has not yet called the loan though it has reserved its rights as a secured lender.

As previously announced, Polyphalt expects to run out of cash by early June.

To comply with applicable law, three Grandwin nominee directors and one management director have resigned from the Polyphalt Board.   The remaining Board members are Don Johnston, Ralph Haas and Douglas Kong.

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

Polyphalt Announces Recent Development in Discussions with Grandwin Holdings Limited

(Toronto, May 23, 2003)  Polyphalt Inc. announced today that it received a letter dated May 22, 2003 from its majority shareholder and principal secured lender, Grandwin Holdings Limited, stating that, in their view, Polyphalt is in default under its loan agreement with Grandwin.  The basis of the alleged default is Grandwin’s opinion that the recent licence termination announced by Polyphalt on May 5 is a material adverse effect under the terms of the loan agreement and therefore is an event of default.

In its letter, Grandwin also conditionally offers to negotiate a transaction to acquire all the shares of Polyphalt it does not already own for a price to be determined.  Grandwin states that, in its opinion, the shares have no value at present.  Grandwin states that if Polyphalt is unable to meet the conditions in its offer by Friday May 30, 2003, then Grandwin does not expect that it will be willing to provide further funding and that Polyphalt should investigate other financing alternatives.  A copy of that letter is attached as part of this announcement.  Polyphalt’s board is reviewing Grandwin’s position and will respond shortly. 

If suitable arrangements cannot be made with Grandwin or another financier, Polyphalt currently expects to run out of cash in early June.

Bruce MacDonald and Anthea Radford, both directors of Polyphalt, resigned their positions.  As a result of these resignations, the majority of the board is no longer resident in Canada, as required under applicable law.  The board is considering available alternatives to comply with this requirement.

Given these recent developments, Polyphalt’s annual general meeting scheduled for June 11 will be postponed.

 

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

Polyphalt Announces Delay In Filing Annual and First Quarter Financial Statements

(Toronto, May 21, 2003)   Polyphalt Inc. announced today that the filing of its annual financial statements for the year ended December 31, 2002 and its interim financial statements for the first quarter ended March 31, 2003 will be briefly delayed past their respective due dates of May 20, 2003 and May 30, 2003.

The delay arises as a result of continuing discussions between Polyphalt and its majority shareholder, Grandwin Holdings Limited.  The purpose of these discussions is to determine whether or not Grandwin considers Polyphalt to be in default under a loan agreement between Grandwin, as lender, and Polyphalt, as borrower, and whether or not Grandwin will waive the default and permit further drawdowns by Polyphalt or instead call the loan and enforce its rights under the loan agreement.  The resolution of this discussion will have a significant impact on Polyphalt’s ability to continue its business operations.

Depending on how this discussion is resolved, Polyphalt’s auditors may be required to reconsider their report on Polyphalt’s annual and interim financial statements, particularly as their comments relate to Polyphalt’s ability to continue to operate.  At the present time, Polyphalt’s auditors are unable to complete their report.

Polyphalt anticipates that both its annual and interim financial statements will be filed no later than Monday June 30, 2003.  Until both its annual and interim financial statements are filed, Polyphalt intends to satisfy the requirements of the “alternate information guidelines” described in Ontario Securities Commission Policy 57-603.  Pursuant to this Policy, if Polyphalt’s annual and interim financial statements are not filed by July 20, 2003, one or all of the Ontario Securities Commission, the British Columbia Securities Commission or the Alberta Securities Commission may impose an issuer cease trade order against Polyphalt.  Given the delay in filing that is anticipated by Polyphalt, Polyphalt does not believe that it will be affected by this aspect of the Policy.  However, an issuer cease trade order may be imposed sooner if Polyphalt fails to satisfy the requirements of the “alternate information guidelines”.  The Ontario Securities Commission has imposed a management cease trade order on certain insiders of Polyphalt as of the date of this press release.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading Asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, mainland China, Australia, Canada and the Philippines.

olyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, mainland China, Australia, Canada and the Philippines.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

Polyphalt  Reports its First Quarter Result

Toronto, May 9, 2003)  Polyphalt Inc. is pleased to report results for the first quarter of operations, ended March 30, 2003. Polyphalt’s revenues for the first quarter of the year were $ 1.5 million, an increase of $ 100,000 compared to the prior period. The Company reported a loss of $ 871,049 for the first quarter compared to a loss of $ 550,156 in the same period of 2002. The increase in the loss was mainly related to a lower 2003 licensing fee and royalties by $ 98,500 due to the timing difference and an increase in expenses of approximately $ 263,000. Factors that contributed to the increase in expenses include :

  • One time gain due to reversal of a non-recurring accrual in 2002

$ 100,000

  • Foreign exchange gain in 2002 vs foreign exchange loss in 2003 due to stronger Canadian dollars compared to the US dollars

$   72,000

  • One time legal fee relating to the loan offered by Grandwin and increase in insurance costs due to the tight insurance market after 911, etc.

$   91,000  

On February 21, 2003, Polyphalt secured a loan facility of up to $ 4,000,000 from its majority shareholder, Grandwin Holdings Limited. The loan bears interest at the Canadian Imperial Bank of  Commerce prime rate plus 1% to be paid monthly on the outstanding balance. In addition, Polyphalt is responsible for paying the applicable withholding taxes related to the interest payments to Grandwin. Proceeds from the loan will be used to meet Polyphalt’s working capital requirements for 2003. As at the end of March 2003, $1,000,000 of the loan has already been drawn down.

A summary of financial performance for the period is provided in the Table below :-

First Quarter Financial Highlights (Unaudited, stated in Canadian Dollars)

 

Three Months Ended

 

March 31, 2003

March 31, 2002

Revenues

1,472,692

1,372,126

Gross Margin

324,864

388,581

Expenses

1,066,751

803,798

EBITDA

(741,887)

(415,217)

Profit/(Loss) for the Period

(871,049)

(550,156)

Earnings/(Loss) for common share

(0.03)

(0.02)

Certain of the prior year’s figures were reclassified to confirm with the current year’s financial statement presentation.

In 2003, Polyphalt restructured its business along market lines into Paving and Roofing Divisions.

For the Paving Division, revenue activities are typically lower in the first quarter reflecting the seasonality of asphalt paving . During the quarter, the Division continues to actively pursue new licensing agreements in Europe and North America and the sale of PolyblendTM, a formulated polymeric modifier in powder form. As the market in North America becomes more mature in the PMA technologies, the ability to retain current licensees becomes more challenging. Polyphalt is currently considering different models to maximize the utilization of our technical capabilities to better serve our customers.

In March, one of Polyphalt's largest licensees (representing approximately 22% of Polyphalt's licensing and royalty revenue in 2002)  provided the company with notice that it was terminating its agreement with the company, effective June, 2003. This termination will greatly affect the outlook of Polyphalt for 2003. Management is currently working with this licensee to review alternatives in order to continue the relationship. Polyphalt is also currently discussing with Grandwin whether or not the termination of this license constitutes an event of default under the loan agreement with Grandwin.

The result for the Roofing Division in the first quarter were encouraging with 2003 sales 19% stronger than 2002. The growth in sales revenue was both a direct result of an increase in prices instituted in December 2002 and a slow but steady improvement in the markets that the Roofing Division serves. The Division will continue to pursue new sales opportunities in the retail and contractor business in order to increase its capacity utilization. ISO registration is expected to complete in 2003 which will enhance the Division’s focus in quality and continuous improvement.

While we are cautious regarding the outlook of the world economy and its impact on Polyphalt customers in 2003, Polyphalt is forecasting that through a blend of cost control, margin improvement and continued expansion, our bottom line performance will continue to improve.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading Asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, mainland China, Australia, Canada and the Philippines.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

Polyphalt  Announces Termination of A Significant License Agreement

 

(Toronto, May 5, 2003)  Polyphalt Inc. announced today that one of its largest licensees  provided notice that it was terminating its license agreement with the Company.  The termination of the license agreement becomes effective in June, 2003.  This license agreement provided the Company with $543,000 in revenue in 2002, an amount which represented approximately 22% of Polyphalt's licensing and royalty revenue for the year.  The  termination of this license agreement will have a significant effect on Polyphalt’s operating results for 2003.  Management is currently engaged in discussions with this licensee in an effort to reach a new agreement.

Polyphalt is also currently in discussions with its majority shareholder, Grandwin Holdings Limited, in order to assess whether or not the termination of this license agreement constitutes an event of default under a loan agreement between Polyphalt, as borrower, and Grandwin, as lender.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading Asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, mainland China, Australia, Canada and the Philippines.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

Polyphalt Announces its 2002 Year End Result

(Toronto, Canada, April 8, 2003)  Polyphalt Inc. is pleased to report results of operations for the fiscal year ended December 31, 2002. Polyphalt’s revenues for the year were $ 8.9 million, a decrease of $ 0.5 million compared to the prior  fiscal period ending December 31, 2001. The company reported a loss for the year of $ 1.7 million versus a loss of $ 2.1 million for the prior fiscal year.  The EBITDA for the year was a loss of $ 1.1 million, an improvement of $ 0.5 million over 2001.

Highlights of the 2002 fiscal year included :

  • Polyphalt completed two licensee agreements in North America.

  • Polyphalt also completed its commercial-scale demonstration of PolyblendTM, a formulated polymeric modifier in powder form specially designed for use in asphalt modification,  in the third quarter and is actively pursuing commercial orders.
  • On December 31, 2002, Polyphalt completed a corporate reorganization which involved the voluntary dissolution of two of its wholly-owned subsidiaries, namely Polyphalt Canada Inc. and GH International Inc. (GHI) Polyphalt assumed all the assets and liabilities of GHI and will operate the business of GHI as a separate division of Polyphalt on a going forward basis.
  • The relaunch of GHI’s products under the trademarks ExcelTM and Shur StikTM was completed and has received good acceptance in the market place. 

The loss for the fiscal year ended 2002 reflects :

  • The economic downturn experienced in North America and Europe.
  • A one time provision of $ 230K for re-organizational costs and also costs related to the privatization process which did not proceed.

A summary of financial performance for the period is provided in the Table below:

Fiscal Year 2002 Financial Highlights (stated in Canadian Dollars)  

 

12 Months Ended December 31

 

2002

2001

Revenues

8,861,436

9,371,350

Gross Margin

3,349,750

3,103,364

Expenses

4,450,545

4,749,315

EBITDA

(1,100,795)

(1,645,951)

Amortization

427,735

345,441

EBIT

(1,528,530)

(1,991,392)

Interest Income

64,293

256,175

Interest Expense

(193,815)

(334,444)

Income Taxes

(42,486)

--

Profit/(Loss) for the Period

(1,700,538)

(2,069,661)

Earnings/(Loss) per common share (basic & diluted)

(0.05)

(0.06)


Certain of the prior year’s figures were reclassified to conform to the current year’s financial statement presentation.
In spite of the increased efforts to reduce costs and improve margins, the management and Board of Directors are disappointed with the results in 2002. While the Company is still cautious regarding the outlook of the world economy and its impact on Polyphalt customers in fiscal year 2003, management has initiated further steps to improve the performance of Polyphalt Inc.


Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Inc. Announces Closing of the Loan Arrangement with Grandwin

 

(Toronto, Canada, March 5, 2003)  Polyphalt Inc. announces today that the loan arrangement with Grandwin Holdings Limited (Grandwin) of up to CDN$4,000,000 was successfully closed on March 4, 2003. The loan will be drawn down by installments on request from Polyphalt based on its cash requirement projection.  The interest rate of the loan has been set at the prime rate of Canadian Imperial Bank of Commerce plus one percent to be paid monthly on the unpaid principal amount of the loan.  The principal amount is due and payable on the earlier of the end of the one year term and Polyphalt’s completion of a longer term third party financing.  In connection with the transaction, Polyphalt granted Grandwin security over its assets.  The loan was guaranteed by Polyphalt’s wholly-owned subsidiaries, GH Real Estate Inc. and Polyphalt America Inc.

Grandwin Holdings Limited is the major shareholder of Polyphalt Inc. holding approximately 63.4 % of the issued and outstanding shares of Polyphalt and a wholly owned subsidiary of Cheung Kong Infrastructure Holdings Limited.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol : PMA
SEC Exempt : 824585
Issued/Outstanding : 34,315,792

 

Polyphalt Inc. Announces a Loan Arrangement with Grandwin  

(Toronto, Canada, February 21, 2003)  Polyphalt Inc. announces today that its Board has approved a one year loan arrangement with Grandwin Holdings Limited (Grandwin) of up to CDN$4,000,000 to be drawn down during 2003. The interest rate of the loan will be set at the prime rate of the Canadian Imperial Bank of Commerce plus one percent to be paid monthly on the unpaid principal amount of the loan. The principal amount will be paid back to Grandwin at the earlier of the end of the one year term and Polyphalt’s completion of a longer term third party financing arrangement.  As this is a related party transaction, the loan arrangement has been reviewed by Polyphalt’s Corporate Governance Committee.

Grandwin Holdings Limited is the major shareholder of Polyphalt Inc. holding approximately 63.5 % of the issued and outstanding shares of Polyphalt and a wholly owned subsidiary of Cheung Kong Infrastructure Holdings Limited.

Proceeds from the loan will be used to meet the Corporation’s current cash flow needs and also to support its 2003 business plan.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of Cheung Kong Infrastructure group of companies. CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines. For further information, please contact:


Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
SEC Exempt: 82 4585
Issued/Outstanding:
34,233,189

Issue of Common Shares to Independent Directors

(Toronto, December 31, 2002) Polyphalt Inc. (“Polyphalt”) announced today that it has approved a corporate reorganization which involves the voluntary dissolution of two of its wholly-owned subsidiaries, namely Polyphalt Canada Inc. (“Polyphalt Canada”) and GH International Inc. (“GH International”). Polyphalt Canada was a holding company, the assets of which have been transferred to Polyphalt.  GH International, a leading producer of roof coatings, adhesives and pavement maintenance products, was acquired by Polyphalt in February 2001.  Polyphalt has agreed to assume all of the assets and liabilities of GH International and will operate the business of GH International as a separate division of Polyphalt on a going forward basis.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets.  Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials.  These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products.  Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. 

Polyphalt is a member of Cheung Kong Infrastructure (“CKI”) group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses.  The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

(Toronto, December 31, 2002) Polyphalt Inc. (“Polyphalt”) announced today that it has approved a corporate reorganization which involves the voluntary dissolution of two of its wholly-owned subsidiaries, namely Polyphalt Canada Inc. (“Polyphalt Canada”) and GH International Inc. (“GH International”). Polyphalt Canada was a holding company, the assets of which have been transferred to Polyphalt.  GH International, a leading producer of roof coatings, adhesives and pavement maintenance products, was acquired by Polyphalt in February 2001.  Polyphalt has agreed to assume all of the assets and liabilities of GH International and will operate the business of GH International as a separate division of Polyphalt on a going forward basis.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets.  Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials.  These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products.  Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. 

Polyphalt is a member of Cheung Kong Infrastructure (“CKI”) group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses.  The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

(Toronto, December 31, 2002) Polyphalt Inc. (“Polyphalt”) announced today that it has approved a corporate reorganization which involves the voluntary dissolution of two of its wholly-owned subsidiaries, namely Polyphalt Canada Inc. (“Polyphalt Canada”) and GH International Inc. (“GH International”). Polyphalt Canada was a holding company, the assets of which have been transferred to Polyphalt.  GH International, a leading producer of roof coatings, adhesives and pavement maintenance products, was acquired by Polyphalt in February 2001.  Polyphalt has agreed to assume all of the assets and liabilities of GH International and will operate the business of GH International as a separate division of Polyphalt on a going forward basis.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets.  Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials.  These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products.  Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. 

Polyphalt is a member of Cheung Kong Infrastructure (“CKI”) group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses.  The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
SEC Exempt: 82 4585
Issued/Outstanding:
34,233,189

Issue of Common Shares to Independent Directors

Toronto, December 18, 2002 – Polyphalt Inc. announced today that it has applied to TSX Venture Exchange for the issue of a total 82,603 common shares to the independent directors as remuneration for their services rendered as directors of the Company during 2002. The value of shares based on the closing price on December 13, 2002 amounts to $14,042.51. The issue of these common shares is subject to the approval of the Exchange.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of the Cheung Kong Infrastructure group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
SEC Exempt: 82 4585
Issued/Outstanding:
34,233,189

Polyphalt Inc. announced today that it has received a letter from Grandwin Holding Limited

Toronto, December 13, 2002 – Polyphalt Inc. announced today that it has received a letter from Grandwin Holding Limited (“Grandwin”), an indirect wholly-owned BVI subsidiary of Cheung Kong Infrastructure Holdings Limited, advising that, based on, among other things, the divergent views on value between Grandwin on the one hand and the special committee and Sprott Securities on the other, it does not intend to proceed with an offer to acquire the balance of Polyphalt’s shares at this time. In addition, Grandwin advised that it does not expect that it will proceed with any such offer in the foreseeable future.

Grandwin had previously indicated, in November, 2002, that it was considering proceeding with an offer due to a number of performance related reasons including the additional financing required immediately by Polyphalt to support the growth of the business.

Grandwin owns and controls 21,750,000 common shares of Polyphalt, representing approximately 63.4% of its outstanding common shares.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of the Cheung Kong Infrastructure group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
82 4585
Issued/Outstanding:
34,233,189

Polyphalt Special Committee Retains Independent Valuator in Anticipation of Insider Bid

(Toronto, November 29, 2002) Polyphalt Inc. (“Polyphalt”) announced today that the Special Committee of the Board of Directors of Polyphalt has selected an independent valuator in connection with the insider bid expected to be made by Grandwin Holdings Ltd. (“Grandwin”) to purchase the common shares of Polyphalt not already owned by Grandwin.

The Special Committee has selected Sprott Securities Inc. as the independent valuator to prepare a valuation of the common shares of Polyphalt.  Sprott was one of six firms who submitted proposals, based on specified criteria, to act as independent valuator to the Special Committee and Sprott was selected after a thorough evaluation process by the Special Committee and its legal advisor.  The valuation will be prepared under the direction of the Special Committee and at Grandwin’s expense in accordance with Ontario Securities Commission Rule 61-501, which governs insider bids. 

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets.  Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials.  These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products.  Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China.  In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products. 

Polyphalt is a member of Cheung Kong Infrastructure (“CKI”) group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in power, infrastructure projects, infrastructure materials and infrastructure-related businesses.  The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
82 4585
Issued/Outstanding:
34,233,189

Polyphalt Corporate Announcement

(Toronto, Canada, November 19, 2002)  Polyphalt announced today that Mr. Gary Yu will resign from its Board of Directors effective November 30, 2002.  Mr. Lambert Leung will be appointed to the Board 
effective December 1, 2002.

Mr. Yu, the Managing Director of Green Island International (BVI) Limited, joined the Board of Directors in 2000 immediately after the investment from the Cheung Kong Infrastructure Group and has been involved in the Human Resource Committee supporting the business of Polyphalt. Mr. Yu will be concentrating on various environmental initiatives being developed by Green Island International (BVI) Limited. We thank him for his contribution and wish him success in his future endeavors.  

 Mr. Leung is the Managing Director of both Green Island Cement (Holdings) Limited and Anderson Asia (Holdings) Limited.and has been with the Cheung Kong Infrastructure group of companies for 14 years. Prior to this he was with a leading investment bank in Hong Kong. He is a fellow of the Association of Chartered Certified Accountants, a fellow of the Hong Kong Society of Accountants, a fellow of the Institute of Quarrying (UK) and the past chairman of the Institute of Quarrying, Hong Kong Branch.

      Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

 Polyphalt is a member of the Cheung Kong Infrastructure group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
82 4585
Issued/Outstanding:
34,233,189

Toronto, November 19, 2002 – Further to the announcement dated November 11, 2002, Polyphalt Inc. (“Corporation”) announced today that its Board of Directors has established a Special Committee to review the possible cash offer from Grandwin Holdings Limited (“Grandwin”), its controlling shareholder, to acquire the balance of the publicly held shares of the Corporation (“Proposed Transaction”).

The Special Committee is comprised of Ms. Anthea Radford and Mr. Ralph Haas with Ms. Radford to be the Chair of such Committee. Both Ms. Radford and Mr. Haas are Directors of the Corporation and have no interest in the Proposed Transaction (other than through their ownership of common shares of the Corporation).

The Special Committee has appointed Aird & Berlis LLP as their legal counsel and is in the process of selecting an independent valuator to assist the committee in the preparation of an independent valuation and fairness opinion regarding the Proposed Transaction.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of the Cheung Kong Infrastructure group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
82 4585
Issued/Outstanding:
34,233,189

Toronto, November 11, 2002 – Polyphalt Inc. announced today that it has received a letter from Grandwin Holding DK ApS (“Grandwin”), an indirect wholly-owned Danish subsidiary of Cheung Kong Infrastructure Holdings Limited, indicating that Grandwin, through Grandwin Holdings Limited, a BVI-incorporated affiliate, is considering making an offer (or proceeding with a merger) to acquire 100% of the shares of Polyphalt Inc. for cash. While it has yet to determine the price that Grandwin would be prepared to offer, it anticipates that it would be at a modest premium to the current market price of C$0.16 per share at the close of trading on November 8, 2002.  However, Grandwin also indicated that it has no assurance that a formal offer will be made or as to the price or terms thereof.

Grandwin indicated that it is considering proceeding with this transaction due to a number of performance related reasons as it believes that the cost and time taken to manage Polyphalt as a public company is impeding Polyphalt’s performance.  

Polyphalt’s board is currently reviewing the letter and will respond to Grandwin at its earliest opportunity.

Grandwin owns and controls 21,750,000 common shares of Polyphalt, representing approximately 63.4% of its outstanding common shares.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Ashphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading ashphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of the Cheung Kong Infrastructure group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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For Immediate Release

TSX Venture Exchange Symbol: PMA
SEC Exempt:
SEC Exempt: 82 4585
Issued/Outstanding:

November 4, 2002  Polyphalt Inc. is pleased to report results of operations for the third quarter, ended September 30, 2002.

Polyphalt’s revenues for the first nine months of the year were $ 7.5 million, an increase of $ 76,000 compared to the prior period. The company reported a loss of $ 814,454 for the nine months compared to a loss of $ 861,954 in the same period of 2001. The EBITDA for the first nine months of the year was $ 355,005, an improvement of $ 208,000 over the comparable period for 2001.

A summary of financial performance for the period is provided in the Table below:

     Third Quarter Financial Highlights (Unaudited, stated in Canadian Dollars)
     -------------------------------------------------------------------------
 
                                      Three Months              Nine Months
                                 Ended September 30        Ended September 30
                                  2002         2001         2002         2001
                                  ----         ----         ----         ----
     -------------------------------------------------------------------------
     Revenues                2,841,011    3,063,085    7,519,625    7,443,885
     -------------------------------------------------------------------------
     Gross Margin            1,160,878      948,992    2,813,155    2,513,004
     -------------------------------------------------------------------------
     Expenses                1,242,853    1,066,120    3,489,238    3,338,113
     -------------------------------------------------------------------------
     EBITDA                     43,651      (36,265)    (355,005)    (562,840)
     -------------------------------------------------------------------------
     Loss for the Period      (119,964)    (162,035)    (814,454)    (861,954)
     -------------------------------------------------------------------------
     Loss per common share           -        (0.01)       (0.02)       (0.03)
     -------------------------------------------------------------------------

During the quarter Polyphalt continued to actively pursue new licensing agreements and develop new PMA formulations with existing licensees to support the growth and meet new specifications. Polyphalt also completed its commercial-scale demonstration of Polyblend™ in the third quarter. Commercial orders for Polyblend, a formulated polymeric modifier in powder form specially designed for use in asphalt modification, are expected in the next quarter. 

The relaunch of GHI’s products under the trademarks ExcelTMand Shur StikTM is now complete and has received good acceptance in the market place. On-time deliveries for GHI reached 97%, an improvement attributable to an increased emphasis on customer service and to the reduction in the complexity of the company’s product lines.

Polyphalt management continues to be optimistic that performance will improve over 2001. Polyphalt has recently completed a strategic planning exercise with an action plan developed to focus the company on profitable growth over time.

Polyphalt is a publicly traded, Canadian based, technology company that develops and commercializes novel Polymer Modified Asphalt products and technology to serve North American and international infrastructure markets. Polyphalt has a broad portfolio of proprietary technologies, several of which combine blends of plastics and rubbers, including recycled materials. These processes help to produce cost-effective and longer-lasting pavements, roofing materials and other bituminous building and industrial products. Polyphalt’s international license network comprises thirteen leading asphalt refiners and suppliers throughout the United States, Canada, Australia, Europe and China. In February 2001, Polyphalt acquired GH International, a leading Canadian producer of roof coatings, adhesives and pavement maintenance products.

Polyphalt is a member of the Cheung Kong Infrastructure group of companies.  CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines.

For further information, please contact:
Polyphalt Inc.
Douglas Kong, President & C.E.O.
Tel: 416-491-9292
Fax: 416-491-9766
e-mail : corp@polyphalt.com

   
Forward Looking Statements

This report contains forward-looking statements that involve risk and uncertainties beyond the Company’s ability to control or predict. Future results may differ materially from project results depending on factors such as competition, changes in industry structure and alliances, reduced product demand, raw material shortages, price volatility or other factors. Readers are cautioned not to place undue reliance on such forward-looking statements.

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