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Transcontinental Reorganizes, Continues to Invest in its Nova Scotia Printing Operations

Press release from the issuing company

HALIFAX, Nova Scotia--March 25, 2004-- Transcontinental today announced an investment plan in its Nova Scotia printing facilities to better serve its clients in the long term. The plan includes the investment of $3 million in new printing equipment in its installations throughout the province with the opening of more than 40 jobs at Transcontinental Halifax in that city's Ragged Lake industrial park. The reorganization follows Transcontinental's acquisition in January 2004 of Optipress Inc., a printing and publishing company with assets in the four Atlantic provinces. The new positions in Halifax are being relocated from former Optipress printing operations in New Minas and Yarmouth, Nova Scotia. Employees at these plants are being offered the opportunity of moving to the Ragged Lake plant, of pursuing positions elsewhere within Transcontinental, or of agreeing to either an early retirement or severance package, as appropriate. The operations of the nine Nova Scotia community newspapers included in the January acquisition are not affected by the restructuring. "This reorganization and $3 million investment reflects Transcontinental's long-term commitment to providing the highest level of printing and publishing services in the Atlantic region," said Francois Olivier, Senior Vice President, Newspaper Group, Transcontinental Printing -- Information Products. "Recall that last year the company invested close to $10 million in the expansion of its Halifax facility and the construction of a new printing plant in Borden, Prince Edward Island. With today's announcement we further optimize our Atlantic operations, ensuring for our customers the long-term strength and stability of our printing services network. As far as customers are concerned, the transition will be seamless." Andre Prefontaine, President of Transcontinental Media, added: "As publisher of local newspapers across Canada, we are very conscious of the integral role they play as the record of their community. With that in mind, we are currently looking at new ways of bringing our community newspapers in Nova Scotia even closer to their readers."