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Transcontinental Reorganizes, Invests in its Newfoundland Printing Operations

Press release from the issuing company

MONTREAL--May 5, 2004-- Transcontinental today announced a reorganization and investment plan in its facilities in Grand Falls-Windsor and Corner Brook, Newfoundland and Labrador, aimed at serving its clients' needs over the long term. Under the plan, the Corner Brook facility will be expanded to accommodate the printing of seven Transcontinental weekly newspapers. The Grand Falls-Windsor plant continues to house a centralized prepress facility for the majority of Transcontinental's 16 weekly newspapers in Newfoundland and Labrador, as well as a sheetfed and digital prepress and printing facility to provide the region with continued commercial printing service. Transcontinental will be installing another sheetfed press in Grand Falls-Windsor to enhance its capacity in the region and position itself for future growth. Of the 47 employees at the Grand Falls-Windsor facility, 36 full-time and part-time positions will remain after the operational transition. The move will also create eight new positions in Corner Brook. Grand Falls-Windsor employees related to the plant's newspaper printing operations will be offered the opportunity to apply for these new positions in Corner Brook, pursue positions elsewhere within Transcontinental, or take an early retirement or severance package, as appropriate. The reorganization follows Transcontinental's acquisition in January 2004 of Optipress Inc., a printing and publishing company with assets in the four Atlantic provinces. Transcontinental's weekly newspaper operations in Newfoundland and Labrador are not affected by this reorganization of printing facilities. "This reorganization and investment demonstrates Transcontinental's commitment to providing its customers with the highest level of printing service in Newfoundland over the long term," said Andre Prefontaine, President, Transcontinental Media. "Transcontinental intends to maintain printing operations in both Central and Western Newfoundland, and will be reviewing growth opportunities in its plants there in the future."