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Agro Pacific Industries Ltd.

Agro Pacific Industries Ltd.
Canada NewsWire [Ottawa] 10 Jan 2003: 1.
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The Amalgamation is part of Agro Pacific's restructuring pursuant to the CCAA and is the culmination of efforts to refinance Agro Pacific and enhance shareholder value.

Agstar has future plans to develop, pursuant to a joint venture or otherwise, a proposed power generation plant which when developed could provide the greenhouses with heat and electricity, with the aim of reducing the greenhouses' operating costs and making them less vulnerable to energy price fluctuations. Excess power generated by the plant could then be sold on the open market. Ontario deregulated its electricity market in May 2002.