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Transcontinental Reorganizes, Invests in its Atlantic Printing Operations

Press release from the issuing company

MONTREAL--May 12, 2004-- Transcontinental today announced a reorganization and investment plan involving several of its Atlantic-based printing facilities. The plan will see the company's Moncton, New Brunswick facility become its primary production centre for commercial sheetfed work for both the New Brunswick and Prince Edward Island markets. As a result, sheetfed production in the Borden, P.E.I. plant will cease and be divided between facilities in Charlottetown, P.E.I. and Moncton, while Borden's coldset web operations, which print a total of 12 newspapers including the National Post, will continue unchanged. A sheetfed and digital operation will also be maintained in a new location in Fredericton, New Brunswick. At present, the facilities in Moncton, Fredericton, Borden and Charlottetown employ a total of 137 people. While the rearrangement will see the removal of 32 positions between the four locations, it will also see 21 new positions introduced in Moncton and Charlottetown. Employees affected by the plan are being encouraged to apply for the new positions, pursue opportunities 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. The operations of Transcontinental's daily and weekly newspapers in the region are not affected by this operational rearrangement. "This reorganization plan is further proof of Transcontinental's long-term commitment to providing the Atlantic provinces with the finest printing service available anywhere today," said Serge Bragdon, President, Transcontinental Printing - Information Products. "Today's move increases our investment in the Atlantic region to some $14 million dollars over the past year, and we are constantly looking at new opportunities and investments."