Student Transportation of America Ltd. Completes Acquisition of Canadex Resources Limited
TORONTO (February 28, 2008) Student Transportation of America Ltd. (“STA“) and Canadex Resources Limited (“Canadex“) announced today that STA has, through its wholly-owned subsidiary, 2154742 Ontario Limited, acquired all of the outstanding common shares of Canadex not acquired under STA’s takeover offer made on December 10, 2007, pursuant to the compulsory acquisition provisions under the Business Corporations Act (Ontario). STA has now acquired a total of 5,811,005 Common Shares, representing 100% of the Common Shares of Canadex.
With the completion of the compulsory acquisition, the common shares of Canadex have been de-listed from the Toronto Stock Exchange as of the close of trading on February 27, 2008. Canadex has applied to securities regulators to cease to be a reporting issuer under Canadian securities laws which, if granted, will relieve Canadex from its public reporting obligations.
Founded in 1997, STA is the fourth-largest provider of school bus transportation services in North America, conducting operations through local operating subsidiaries. STA has become a leading school bus transportation company by aggregating operations through the consolidation of existing providers and conversion of in-house operations and currently operates more than 5,000 school vehicles in North America. For more information, please visit www.sta-ips.com.
Canadex’s school bus operations provide home-to-school student transportation and complementary school charter services through its Parkview Transit Division and two other wholly-owned subsidiaries. All three operating units are located in the rapidly growing “Golden Horseshoe” region surrounding the Greater Toronto Area in Peel, York and Simcoe. Together, they are one of the largest independent school bus operators in Ontario.
Canadex’s oil & gas investment activities are conducted through Canadex Resources Inc., a wholly owned subsidiary of the company and incorporated in Alberta. Canadex invests as a non-operator and minority interest investor in properties for the exploration and upstream production of crude oil, natural gas and condensates. Canadex holds passive investments in both oil & natural gas wells in Texas, Oklahoma, Louisiana and Kansas in the U.S.
Denis J. Gallagher
Chairman and Chief Executive Officer, Student Transportation of America Ltd.
Director and Chief Executive Officer, Canadex Resources Limited
(732) 280-4213 (FAX)
Patrick J. Walker
Executive Vice President and Chief Financial Officer, Student Transportation of America Ltd.
Chief Financial Officer, Canadex Resources Limited
(732) 280-4213 (FAX)