Philip Services' Sale to Asurix Complete

F

HAMILTON, ONTARIO (BUSINESS WIRE) - Philip Services Corp(TSE:PHV) (ME:PHV) Philip Services Corp. (TSE / ME: PHV) today announced that it has closed the sale of its 68 percent interest in Philip Utilities Management Corporation ("Philip Utilities") to Azurix Corp. ("Azurix"), an affiliate of Enron Corp. of Houston, Texas, for US$70 million.

The proceeds from the sale will be used to repay a portion of Philip's existing syndicated debt. As previously announced, Philip has executed a lock-up agreement with its syndicated lenders which provides for the financial restructuring of the Company through a pre-packaged plan of reorganization. Under the terms of the lock-up agreement, the pay down of the existing syndicated debt with the proceeds from the sale of Philip Utilities will result in a reduction of the Company's restructured senior secured debt from US$300 million to US$250 million.

"Over the past five years, Philip Utilities has grown to become a North American leader in utilities management and related services," said Allen Fracassi, interim CEO of Philip Services. "The sale to Azurix will support its continued expansion in a fast growing market. For Philip Services, the conclusion of the sale will further reduce our debt, strengthen our balance sheet, and allow us to focus on our core businesses."

"We are pleased to have completed this transaction and look forward to providing clean, efficient and reliable water and wastewater services to PUMC customers across North America," said Rebecca P. Mark, Chairman & CEO of Azurix.

Philip Services established Philip Utilities in 1994 as the first Canadian company to participate in the North American market for water and wastewater utilities management services. Since 1994, Philip Utilities has expanded to become a leading integrated provider of water and wastewater services with 18 municipal and industrial utilities management contracts throughout North America. Philip Utilities provides long-term operating and facilities management services for the operation and maintenance of water and wastewater facilities and also specializes in engineering and contract operations, residuals management as well as underground infrastructure development.

Philip Services is an integrated metals recovery and industrial services company with operations throughout the United States, Canada and Europe. Philip provides ferrous and non-ferrous processing, together with diversified industrial outsourcing services, to all major industry sectors.

Philip Services to Appeal Decision of New York Stock Exchange to Apply for Delisting of Philip Shares

HAMILTON, ONTARIO--(BUSINESS WIRE)--April 23, 1999--

Philip Services Corp (TSE:PHV.) (ME:PHV.) Philip Services Corp. today announced that the New York Stock Exchange ("NYSE") will suspend trading of Philip's common stock and the 7- 1/4 percent convertible subordinated debentures of its subsidiary, Philip Industrial Services Group, Inc., formerly Allwaste, Inc., ticker symbol PHV and ALW 14 respectively. The decision of the NYSE was based on a determination that the Company currently fails to meet the continued listing criteria of the NYSE.

Trading of Philip shares have been halted on the NYSE since January 13, 1999. Philip shares continue to trade on the Toronto and Montreal Stock Exchanges under the ticker symbol PHV.

Philip intends to request a hearing before the Board of Directors of the NYSE to appeal the decision. The NYSE will not make an application to the Securities and Exchange Commission to delist the issues until the Company's appeal has been formally reviewed.

Philip Services is an integrated metals recovery and industrial services company with operations throughout the United States, Canada and Europe. Philip provides diversified metals services, together with by-product management, utilities management and industrial outsourcing services, to all major industry sectors.

BP confirms 100,000 barrels a day of Prudhoe Bay production offline

BP confirms 100,000 barrels a day of Prudhoe Bay production offline

By Matt Chambers

BP Plc

BP68.76, -0.68, -1.0% ) confirmed Tuesday that 100,000 barrels a day of production is offline at its massive Prudhoe Bay, Alaska, oil field due to a produced water piping leak discovered early Monday morning.
Gathering Center 2 in the Western Operating Area of Prudhoe Bay is expected to be down "for a few days," BP spokesman Neil Chapman said in a statement. BP is putting together inspection and repair plans, he said.
The leak is on a 12-inch common header pipe that collects produced water from slug catchers, which are large 3,000-barrel vessels that separate oil, gas and water, BP said.
Prudhoe Bay's total production is 440,000 barrels a day.
Spokesman Ronnie Chappell said the cause of the leak is under investigation. Asked if there was any potential that it could have been caused by corrosion, he said he didn't want to speculate.
The leak was first reported in a statement from Rep. Bart Stupak, D-Mich., the chairman of a U.S. House of Representatives Energy and Commerce Oversight and Investigations Subcommittee.
Last week, the panel raised concerns the system of lines that the current leak is part of could be susceptible to leakage due to a reduction or possible elimination of corrosion inhibitors.
"Emails from BP employees specifically suggested reducing or eliminating use of corrosion inhibitor in the Prudhoe Bay Produced Water lines," Stupak said.
Chappell said the company didn't report the leak or the shut-in because BP didn't believe it would impact customers or the community, and that temporary shut-downs were a common-enough occurrence that BP didn't believe it necessary to notify the public.
The incident comes as BP faces ongoing criticism and investigations from federal, state and congressional authorities probing the corporate culture that led to the Texas City refinery explosion that killed 15 people and injured 180, and caused the temporary partial shutdown of the biggest producing field in the country.
Several congressman, including Energy and Commerce Chairman John Dingell, D-Mich., said they feared that BP hadn't changed its corporate culture and more incidents would occur.

Asia Pacific Resources Ltd

Asia Pacific Resources Ltd.: Rights Offering For Up To $ 30 Million Debenture Conversion

2002

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 15, 2002

RIGHTS OFFERING

Asia Pacific Resources Ltd. (Stuttgart:APQ) (Frankfurt:APQ) (TSE:APQ) (OTCBB: APQCF) (the "Company") is pleased to announce that it has received a final receipt from all Provincial Securities Commissions in Canada for its Rights Offering Prospectus to raise up to $30 million. The Company is also completing the filings required under the U.S. Securities Act to enable the Company to offer the Rights to its U.S. shareholders.

The Company will issue one fully transferable Right to each shareholder of record on February 20, 2002, for each share held. Each Right will entitle the holder to subscribe for one Unit at a price of $0.50 per Unit. Each Unit will consist of 2 1/2 common shares of the Company plus one Warrant. Each Warrant will entitle the holder, on payment of $1.00 per Warrant, to receive an additional 2 1/2 common shares of the Company. Warrants may be exercised at any time up to 4:00 p.m. Vancouver time on April 1, 2003.

The Company expects to mail to its shareholders, on or about February 23, 2002, the Rights Certificate and Rights Offering Prospectus, which provides information concerning the Company, the Somboon Project, the Offering and instructions for exercising Rights. The Rights will commence trading on The Toronto Stock Exchange on February 18, 2002, and will be freely transferable until they expire at 12:00 noon, Toronto time on April 1, 2002. The Warrants will not be listed on The Toronto Stock Exchange; however, subject to compliance with the provisions of the Warrant Indenture and applicable securities laws, they will be fully transferable.

Asia Pacific Resources Ltd. Shareholders Approve Amalgamation

Asia Pacific Resources Ltd. ("Asia Pacific") (TSX: APQ)(OTCBB: APQCF)(FWB: APQ) today announced that its shareholders, at a special meeting held on August 11, 2006, have approved the amalgamation of Asia Pacific, Metro Resources Company Limited ("Metro"), a wholly-owned direct subsidiary of Asia Pacific, and 623827 N.B. Ltd. ("623827"), a wholly-owned direct subsidiary of SRMT Holdings Limited ("SRMT"), that currently holds 85.45% of the outstanding common shares of Asia Pacific. SRMT is a wholly-owned indirect subsidiary of Italian-Thai Development Public Company Limited ("ITD"). Holders of 560,764,616 (or 88.42%) of the outstanding common shares of Asia Pacific voted in favour of the amalgamation.

The amalgamation will result in ITD owning indirectly 100% of the common shares of the company resulting from the amalgamation ("amalco"), which will also be called Asia Pacific Resources Ltd. Following approval of the amalgamation at the special meeting, but immediately prior to the completion of the amalgamation and in accordance with a share transfer agreement between SRMT and 623827, SRMT transferred all of the common shares held by SRMT to 623827 in exchange for additional 623827 common shares. As a result, on the amalgamation the common shares held by 623827 were cancelled without any repayment of capital in respect thereof. Shareholders (other than dissenting shareholders and 623827) received one redeemable special share of amalco for each common share held and SRMT, as the sole shareholder of 623827, was issued one amalco common share, making SRMT the only holder of amalco common shares following the amalgamation.

Amalco will redeem each redeemable special share resulting from the exchange of each common share under the amalgamation for $0.1425 in cash (the "Consideration"). In order to receive the Consideration, shareholders who are not dissenting shareholders must duly complete, execute and deliver to Computershare Investor Services Inc., as depositary, the letter of transmittal together with their common share certificates and such other additional documents as Computershare may reasonably require, if any. Full particulars of the proposed amalgamation were described in the meeting materials mailed to shareholders of Asia Pacific on July 10, 2006. In addition, the meeting materials are available on the SEDAR website at www.sedar.com and contain instructions for such shareholders to receive the cash payable to them in connection with the amalgamation and redemption.

The common shares of Asia Pacific are expected to be delisted from and no longer traded on the Toronto Stock Exchange and suspended from and no longer traded on the NASDAQ over-the-counter bulletin board, the Frankfurt Stock Exchange and the Stuttgart Stock Exchange as soon as possible following the date of the amalgamation, in accordance with the respective rules and policies of each applicable exchange.

Asia Pacific will also make application to cease to be a reporting issuer under Canadian securities laws and intends to apply to cease to be a reporting company under United States securities laws, subject in each case to the satisfaction of applicable regulatory requirements and completion of the amalgamation.

Cautionary Statement Regarding Forward-looking Statements

This document may contain forward-looking statements, relating to the company's operations or to the environment in which it operates, which are based on Asia Pacific's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Asia Pacific's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings.

Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Asia Pacific disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Asia Pacific Resources Ltd. Reminds Shareholders of Redemption Offer

Asia Pacific Resources Ltd. ("Asia Pacific") (TSX: APQ)(OTCBB: APQCF)(FWB: APQ) has announced that a special meeting of shareholders of Asia Pacific has been called to consider and, if deemed advisable, approve the amalgamation of Asia Pacific, Metro Resources Company Limited, a wholly-owned direct subsidiary of Asia Pacific, and 623827 N.B. Ltd., a wholly-owned direct subsidiary of SRMT Holdings Limited ("SRMT"). Italian-Thai Development Public Company Limited ("ITD") indirectly holds through SRMT 85.45% of the outstanding common shares of Asia Pacific. SRMT intends to approve the amalgamation. The special meeting will be held on August 11, 2006 at 10:00 a.m. (Pacific Standard Time) at 700 West Georgia Street, 23rd Floor, Vancouver, British Columbia, Canada.

The amalgamation will result in ITD owning indirectly 100% of the common shares of the company resulting from the amalgamation ("Amalco"), which will also be called Asia Pacific Resources Ltd. It is anticipated that the amalgamation will be completed on or about the week of August 14, 2006.

Amalco will redeem each redeemable special share resulting from the exchange of each common share under the amalgamation for $0.1425 in cash (the "Consideration") immediately following the amalgamation. A shareholder who wishes to surrender Share Certificates which are registered in the name of a bank, trust company, investment dealer or broker or other nominee should immediately contact such nominee in order to take the necessary steps to be able to surrender such share certificates and receive the Consideration.

Any questions and requests for assistance should be directed to the Computershare Trust Company. Canada and US: 800-564-6253 or international 1-514-982-7555.

Cautionary Statement Regarding Forward-looking Statements

This document may contain forward-looking statements, relating to the company's operations or to the environment in which it operates, which are based on Asia Pacific's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Asia Pacific's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings.

Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Asia Pacific disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Asia Pacific Resources Ltd. Announces Changes to Board of Directors

Asia Pacific Resources Ltd. ("Asia Pacific") (TSX: APQ)(OTCBB: APQCF)(FWB: APQ) today announced that as a result of the completion of the takeover bid for Asia Pacific by SRMT Holdings Limited ("SRMT"), a wholly-owned indirect subsidiary of Italian-Thai Development Public Company Limited, all six of the previously elected directors of the Board have resigned effective June 9, 2006. The outgoing directors are John Bovard, Daniel Mintz, Edan Lee, Lee Graber, Robert Connochie and Arthur Roth. Messrs. William L. Zentgraf, Krisorn Jittorntrum, Per Hofvander, Premchai Karnasuta, Pathai Chakornbundit and Mrs. Nijaporn Charanachitta have been appointed to the Board in accordance with the requirements of the Business Corporations Act (New Brunswick).

Asia Pacific also announced today that as a result of the completion of the takeover bid by SRMT, John Bovard, Chief Executive Officer and President and Robert Scott, Chief Financial Officer have both resigned. Replacing them will be Premchai Karnasuta, President, Ruj Bunduwongse, Chief Executive Officer and Nijaporn Charanachitta, Chief Financial Officer.

Cautionary Statement Regarding Forward-looking Statements

This document may contain forward-looking statements, relating to the company's operations or to the environment in which it operates, which are based on Asia Pacific's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Asia Pacific's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings.

Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Asia Pacific disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Air Canada

Air Canada is Canada's largest airline and flag carrier. The airline, founded in 1937, has its corporate headquarters in Montreal, Quebec. The airline provides scheduled and charter air transportation for passengers and cargo to over 240 destinations and vacation packages to over 90 destinations via Air Canada Vacations. Air Canada is the world's 12th largest airline by fleet size and its largest hub is Toronto Pearson International Airport. Air Canada's parent company is ACE Aviation Holdings. Air Canada is a founding member of Star Alliance, the largest airline alliance in the world. It was formed in 1997 and now has 18 member airlines. On January 19, 2007, the airline was voted Best Airline in North America.[1] In 2006, roughly 34 million people flew with Air Canada.

In 2007, Air Canada celebrates its 70th anniversary as an airline.

History

[edit] Trans-Canada Airlines
L-10A Electra "CF-TCC" in Trans-Canada Air Lines livery at the Western Canada Aviation Museum.
L-10A Electra "CF-TCC" in Trans-Canada Air Lines livery at the Western Canada Aviation Museum.

Trans-Canada Airlines (TCA) was created as a subsidiary of Canadian National Railway (CNR) on April 10, 1937. Passenger operations began on September 1, with a Lockheed 10A carrying two passengers and mail from Vancouver to Seattle. The company was headquartered in Winnipeg which was also the site of the national maintenance base. In 1949, federal policy dictated the headquarters move to Montreal. Later the maintenance base also moved east which was a significant blow to western Canada. In the 1950s Air Canada did pioneering work in the use of computer reservation systems with the development of the ReserVec system. By 1964, TCA had grown to become Canada's national airline and in 1964 Jean Chrétien submitted a private member's bill to change the name of the airline from Trans-Canada Airlines to Air Canada. This bill failed but it was resubmitted and passed, with the name change taking effect on January 1, 1965. In a late 1970s reorganisation at CNR, Air Canada became an independent Crown corporation.
[edit] Air Canada in the '80s and '90s

In 1987, Air Canada became the first airline in the world to have a fleet-wide non-smoking policy [2], and in 1989 became completely privatised. Air Canada sold the enRoute card business to Diners Club in 1992. Air Canada is a founding member of the Star Alliance, which was launched in May 1997. The airline continues participate in the alliance and code-shares with several of the alliance's members.

On September 2, 1998 pilots for Air Canada launched the company's first pilots' strike. At the end of 1999 the Canadian government relaxed some of the aviation regulations, aimed at creating a consolidation of the Canadian airline industry.

[edit] 2000 and beyond

In January 2000 Air Canada acquired Canada's second largest air carrier, Canadian Airlines, subsequently merging the latter's operations into its own. As a result Air Canada became the world's twelfth-largest commercial airline.

On April 1, 2003, Air Canada filed for bankruptcy protection, emerging from this protection on September 30, 2004, 19 months later. During bankruptcy protection, the company was subject to two competing bids from Cerberus Capital Management and Victor Li. The Cerberus bid would have saw former Prime Minister Brian Mulroney installed as chairman, being recruited by Cerberus international advisory board chair Dan Quayle. Cerberus was rejected because it had a reputation of changing existing employee pension agreements, a move strongly opposed by the CAW. Air Canada initially selected Victor Li's Trinity Time Investments, who initially asked for a board veto and the chairmanship in return for investing $650 million in the airline. Li, who holds dual citizenship from Canada and Hong Kong, later demanded changes to the pension plan (which was not in his original takeover bid), but since the unions refused to budge, the bid was withdrawn. Finally, Deutsche Bank unvailed an $850 million dollar financing package for Air Canada, if it would cut $200 million in annual cost cutting in addition to the $1.1 billion that the unions agreed on in 2003. It was accepted after last minute talks between CEO Robert Milton and CAW chief Buzz Hargrove got the union concessions needed to let the bid go through.

ACE Aviation Holdings is the new parent company under which the reorganised Air Canada is held.

Canadian Airlines

Canadian Airlines International Ltd. was, from 1987 until 2001, Canada's second largest airline after Air Canada, carrying more than 11.9 million passengers to over 160 destinations in 17 countries on five continents at its height in 1996. Canadian Airlines served 105 destinations in Canada, more than any other airline.

Canadian Airlines was headquartered in Calgary, Alberta and had revenue of approximately $3 billion at the end of 1999. The airline and its planes were acquired by Air Canada in 2001.

History

Canadian Airlines International Ltd., which was the principal subsidiary of Canadian Airlines Corporation (formerly PWA Corporation), was the descendant of five predecessor airlines. On March 27, 1987, Canadian Pacific Airlines, Eastern Provincial Airways, Nordair and Pacific Western Airlines amalgamated to form the new airline.

PWA Corporation acquired Wardair in 1989, establishing Canadian as an important player in the global industry with the addition of new routes. Its major hubs were at Montréal-Pierre Elliott Trudeau International Airport, Toronto Pearson International Airport, Vancouver International Airport, and Calgary International Airport. Canadian Airlines streamlined its operations and went through the financial restructuring of over $700 million in debt, after the 1991 airline industry slump.

On November 1, 1996, Kevin Benson, then president and CEO, unveiled a restructuring strategy to improve the profitability of Canadian Airlines. The operational restructuring plan was supposed to be phased in over a four year period, addressing the main issues of cost control, revenue growth, capitalization and fleet renewal. It was also one of the founding members of the Oneworld airline alliances, along with American Airlines and British Airways. The plan started off well but with the Asian economic downturn 1998, air traffic decreased and Canadian was suffering on what was previously its most profitable route.

Canadian Plus was the largest frequent flyer program in Canada with more than 60 airline, hotel, car rental, and financial partners worldwide. The program had more than three million members.

In its last few years of operation, Canadian Airlines extended its international route network in Asia, with the most recent expansion of service to Malaysia and the Philippines, which gave it eight destinations in Asia. At that time Canadian Airlines had the distinction of flying to more places in Asia, more often, than any other Canadian carrier.

Canadian Airlines' core business strategy focused on building its Vancouver hub into the leading gateway between North America and Asia. It leveraged its codesharing agreement with American Airlines in order to help capture a greater share of U.S.-Asia traffic flows.

After continued poor performance, Canadian Airlines was acquired by Air Canada in 2000. Numerous other proposals for survival had been considered and rejected, including a competing bid led by American Airlines to purchase Canadian Airlines. American Airlines had already owned a 25% stake in Canadian Airlines, the maximum allowed under regulations. Then-American CEO Donald J. Carty, who had formerly headed Canadian predecessor Canadian Pacific Airlines and Air Canada, planned to acquire a controlling interest in the new Air Canada, with the purpose of moving it from the Star Alliance to Oneworld. American has since sold its shares in Air Canada, after unsuccessfully lobbying Canadian federal government to ease foreign ownership restrictions on Canadian airlines.
Canadian Airlines 737 at Ottawa International Airport
Canadian Airlines 737 at Ottawa International Airport

Historical Destinations

Further information: Canadian Airlines destinations

Livery

The most famous and well-known livery of Canadian used four colours: light grey, dark grey, navy blue, and red. The lower half of the aircraft's body was navy blue, topped with light grey and red borders. The tail was two-thirds blue, with the remaining third taken up by a light grey colour. Over the light grey were five dark grey lines, representing the five continents served by the carrier. Over these lines was a thick, bright red chevron ">". This character was a clever alternative to a true bilingual name on the fuselage (Canadian/Canadien).
Canadian Airlines logo since mid-1980s until 1999 when it was replaced by the "Proud Wings" logo
Canadian Airlines logo since mid-1980s until 1999 when it was replaced by the "Proud Wings" logo

Its last livery with a Canada Goose painted at the tail of the aircraft is known as the "Proud Wings" livery. However, it came late enough that most of the fleet still retained the existing chevron livery by the time of the merger.

Also, during the acquisition by Air Canada, part of the "Proud Wings" livery was completely replaced with a white body (with the exception of the word Canadi>n) and an Air Canada tail (with a red maple leaf against a dark green background.)

Canada 3000

Canada 3000 was a discount Canadian, charter airline headquartered in Toronto, Ontario offering domestic and international flights. It was the largest charter airline in the world at the time of its operation, with over 90 destinations worldwide, although it changed to scheduled service in 2000 after the Canadian Airlines and Air Canada merge. Canada 3000 competed with Air Canada, WestJet, and fellow charter airline Air Transat. In November of 2001, the airline went out of business after a sharp decline in revenues following the September 11th 2001 terrorist attacks in the United States. There have been several attempts to restart the airline since then.

History

Created in 1988 by British airline Air 2000, initially for charter service, it underwent a corporate reorganization and change in ownership during the 1990s when it merged with charter carrier Royal Aviation or Royal Airlines of Montreal, Quebec. It also took over CanJet Airlines (since then CanJet has resurfaced). Following the merger of Canadian Airlines International with Air Canada, Canada 3000 positioned itself as a scheduled discount carrier for the domestic market, in addition to its ongoing charter service, and underwent a rapid expansion, garnering up to 30% of Canadian passenger traffic at its peak, flying to the United States, Europe, and Australia. Shortly (one month) before its demise, Canada 3000 became the first airline to operate non-stop service from North America to India[citation needed].

This included introducing a new "Club C3" Class in some aircraft.

The company also acquired the Royal Airlines' cargo operation, renaming it Canada 3000 Cargo. The Cargo operation was sold off and became Cargojet Airways that is still in operation.

On November 8th 2001 the company suddenly collapsed with no warning for travellers or employees. The company filed for bankruptcy, citing a downturn in air travel during the weeks following the September 11, 2001 terrorist attacks in the United States.

The fleet was left grounded at various airports around the world, as the airline couldn't pay the airport fees.

In 2002, the former owner of Royal Airlines and director with Canada 3000 Michel Leblanc went on to form another scheduled discount airline, Jetsgo, which lasted almost three years before it too collapsed and filed for backruptcy protection on March 11, 2005.

In 2006, CanJet ceased operations as a scheduled carrier, but is continuing as a charter operation.

Latest Updates

A group of investors plans to launch a new Canada 3000 with two Boeing 757-200 aircraft (ref: Flight International, April 2005).

Robert Deluce, (the brother of former Canada 3000, CEO William Deluce) setup a new airline in Toronto, Porter Airlines, that started flying on October 23rd 2006 from the Toronto City Centre Airport.

Royal Aviation

Royal Aviation operated the Canadian charter airline Royal Airlines. It was based at Montréal-Pierre Elliott Trudeau International Airport. The airline went bankrupt in 2001 as Canada 3000 had bought out the Royal Aviation group several months prior to the events of September 11 (Which was initially the downfall of Canada 3000).

History

The airline was founded by Michel Leblanc in 1991. Royal was acquired by Canada 3000 in 2001 in an all-stock deal. While the takeover/merger was touted in glowing terms in press releases, analysts quietly shared the opinion that, based on the terms of the transaction, Royal had few options and little time left. Almost all of Royal Aviations, Royal Airlines aircraft where re-painted into the Canada 3000 livery, although in the months after the merger with Royal Aviation, several of the former Royal Aviation aircraft had a mixed livery, with the Canada 3000 logo and Royal Aviation tail design to recognize the merger between the two airlines. Canada 3000 also purchased Royal Cargo, renaming it Canada 3000 cargo. Canada 3000 cargo was later sold off and became Cargojet Airways. Michel Leblanc left Canada 3000 in June of 2001 in a bitter feud, after Canada 3000 filed a lawsuit against Leblanc over allegations of fraud and misrepresentation. Leblanc went on to create discount airline Jetsgo in 2002 which has since ceased operations. In November 2001 the entire Canada 3000 company suddenly collapsed with no warning for travellers or employees. The company filed for bankruptcy, citing a downturn in air travel during the weeks following the September 11, 2001 terrorist attacks in the United States. All Canada 3000 workers as well as the former Royal Aviation workers lost their jobs.

Mutual Fund - HSBC Chinese Equity

HSBC Chinese Equity

NAVPS (7 May 2007) $19.78 Daily Change $0.03 YTD Return % (30 Apr 2007) -3.51

Morningstar Rating Fund Not Rated Net Assets ($mil) --- MER % 2.62

Morningstar Category: Specialty

The Fund seeks to provide long-term capital growth by investing primarily in a diversified portfolio of equity and equity-related securities of publicly trades companies registered on, or with an official listing on, a stock exchange in the People's Republic of China (China) as well as investing in securities of public companies that have a significant business or investment link with China.

Top 10 Holdings Help
Name of Holding % of Net Assets

China Mobile 9.1
PetroChina 8.7
Sinopec 6.4
China Life Insurance 6.3
CNOOC Ltd 5.6
Indl & Commrcl Bk Of China 5.6
China Construction Bank 3.9
China Merchants Bank 3.3
Currency (Canada) 3.1
Jiangxi Copper 2.6

Falconbridge Ltd

Falconbridge Limited TSX: FAL NYSE: FAL was a Toronto, Ontario-based natural resources company with operations in 18 countries, involved in the exploration, mining, processing, and marketing of metal and mineral products, including nickel, copper, cobalt, and platinum. In August 2006, it was absorbed by Swiss-based Xstrata Plc, which had formerly been a major shareholder.

Falconbridge was an important player in the economic and commercial development of the northern region of Ontario, Canada, particularly the communities of Greater Sudbury.

History

Experienced prospector and businessman Thayer Lindsley purchased mining claims northeast of Sudbury in 1928, forming the basis of Falconbridge Nickel Mines Limited^[1]. Soon thereafter, planning and construction commenced of a company town to house and service workers in the mines to be constructed to harvest rich deposits of nickel-copper ore in the area^[2]. The community, complete with utilities and a medical centre, would be named Falconbridge after the company.

As soon as the next year, the new company acquired the Nikkelverk refinery in Kristiansand, Norway, expanding its operations, but also and importantly, the Hybinette nickel refining process.

The operations at the Falconbridge site expanded into the early 1930s. By 1930 ore from an underground mine was being extracted at 250 tonnes per day, and a nearby smelter was in operation to process the material. In 1932, a mill and sintering facility began operation.

Through the 1950s and '60s, significant expansion of the Sudbury Basin operations took place, including some twelve new mines. All recovered nickel, copper, and smaller amounts of other materials including platinides. The Nikkelverk operation began recovering cobalt alongside previous extractions in 1952, using a new refining process. In 1962, Falconbridge acquired Ventures Limited, including its numerous international operations and geological exploration infrastructure, allowing further expansion and growth outside of Canada.

The late 1970s saw the company play a role, alongside INCO, in the environmental reclamation efforts undertaken in the Sudbury region. As part of this, a new, more efficient smelter was opened, as well as a facility for the production of sulphuric acid. This commercially saleable chemical had been a source of significant ecological damage when it was produced in the atmosphere by the reaction of smelter emissions. The new acid plant allowed this effect to be greatly reduced by catalyzing the reaction before emission, while producing additional revenue from the sale of the acid.

In 1979, Falconbridge patented the chlorine leach nickel refining process that had been developed in-house.

By 1984, the commercial reserves at the original Falconbridge Mine had been exhausted. Production contnued at several other sites in the Sudbury area. The company expanded within northern Ontario by acquiring the Kidd Creek mine in Timmins, Ontario. Expansion continued in the 1990s, with a new mine in Sudbury, and one at Raglan in northern Quebec, though it lost the bidding war with INCO for the deposity at Voisey's Bay^[3]. The new century saw more mine openings, in Timmins and Tanzania, and acquisitions in Chile.

In June 2005 it merged with Noranda Inc., previously the 58.9% owner, continuing under the name Falconbridge. The Noranda branch brought significant variety to the business, including operations in aluminum mining and recycling of electronic hardware.

[edit] Operations at the time of Xstrata acquisition

Falconbridge had major operations in and around the Sudbury Basin, including the Craig, Fraser, and Thayer Lindsley underground copper/nickel mines, as well as a mill (Strathcona), nickel smelter, sulphuric acid plant, and a technology centre (FTC). In 2005, Falconbridge started the Deposit Definition phase of the Nickel Rim South mine near the Sudbury Airport. Shaft sinking for Nickel Rim South is scheduled to be complete by 2008.

Metal refining was no longer carried out in Sudbury by Falconbridge, but rather at its Falconbridge Nikkelverk operation in Kristiansand, Norway.

Another Canadian operation was the Kidd Creek site in Timmins, Ontario which includes an underground zinc/copper mine, mill, copper smelter and copper refinery, zinc plant, indium plant, cadmium plant, and sulphuric acid plants. Falconbridge also operated the Montcalm underground nickel mine west of Timmins. Other sites were located in Quebec, Ontario (Rouyn-Noranda: Horne copper smelter, Montreal: CCR copper refinery, Valleyfield: CEZ zinc refinery, Nunavik: Raglan underground nickel/copper mine and mill) and Bathurst, New Brunswick (Brunswick underground zinc/lead mine, lead smelter and lead refinery, and silver refinery).

Copper and precious metal recycling facilities were at Brampton, Ontario; East Providence, Rhode Island; La Vergne, Tennessee; Roseville, California; San Jose, California; and Penang, Malaysia.

Falconbridge Ltd. also operated an aluminum smelter in New Madrid, Missouri and an aluminum refinery in Gramercy, Louisiana. The aluminum produced from these mills was prepared in one of four rolling mills located in Huntingdon, Tennessee (2 mills); Salisbury, North Carolina (1 mill); and Newport, Arkansas (1 mill).

Central American and Caribbean projects included the St. Ann bauxite mine in Discovery Bay, Jamaica and the Falcondo nickel surface mine and processing plant in Bonao, Dominican Republic.

South American properties were mainly copper deposits such the Antamina copper/zinc open-pit mine in northern Peru, the Collahuasi copper/molybdenum open-pit mine (including mill, solvent extraction plant, and electrowinning plant) in northern Chile, the Lomas Bayas open-pit copper mine (including solvent extraction plant and electrowinning plant), and the Altonorte copper smelter also in northern Chile.

Falconbridge also owns a Boeing 737-200 with registration markings C-FFAL. The aircraft is based in Toronto at Pearson International Airport.

[edit] Merger efforts and acquisition

On October 11, 2005, Inco Limited announced a proposal to acquire Falconbridge for $12 billion. This came at a time of especially high prices for base metals, including nickel. Part of the motivation for the merger was to avoid a takeover by either company by cash-flushed foreign competitors. Additionally, significant synergies would have been realized in the Sudbury operations, with both companies performing the same kind of extraction and smelting work on the same kind of ore.

The two companies were set upon by hostile takeover bids from rival firms. Swiss Xstrata, already 19.9% owner of Falconbridge, bid for a complete acquisition, while Teck Cominco, of Vancouver, set its sights on INCO.

On May 13, 2006, Inco Limited announced that it increased its offer to acquire Falconbridge by CA$5.00 per share, bringing the bid to CA$61.04 per share (based on the June 23, 2006 Inco/Phelps Dodge share price).

On June 26, 2006,Phelps Dodge made a bid for the proposed combined Inco/Falconbridge company, valued at around US$40 billion. This would form the Phelps Dodge Inco Corp. valued at US$56 billion, creating the fifth largest mining company, largest nickel producer, and the second largest copper producer in the world with corporate and copper division headquarters located in Phoenix, Arizona and nickel division headquarters in Toronto, Ontario. The deadline for the Inco offer was July 13, 2006.

On May 18, 2006, Xstrata had announced a proposal to acquire Falconbridge for CA$52.50 per share. This was a cash offer, unlike the Inco offer of a combination of cash and shares. On July 12, 2006, Xstrata announced that it increased its offer to acquire Falconbridge to CA$59.00 per share (an approximate total value of CA$22.5 billion). This counter-offer was 9.6% higher than Inco's bid. The deadline for Xstrata's bid to be complete was July 21, 2006. Xstrata acquired and absorbed Falconbridge in late August 2006, leaving INCO open to bids by Phelps Dodge and the Brazilian Companhia Vale do Rio Doce^[4].

[edit] Social impact in Sudbury

Falconbridge lent its name to a company town northeast of Sudbury, which grew to be a community in its own right. The town of Falconbridge was incorporated by the provincial government in 1957^[5]. It was organized along with several other communities into the Town of Nickel Centre and Regional Municipality of Sudbury in 1973. Some Falconbridge workers also lived in the nearby community of Happy Valley, which was abandoned in the 1960s due to pollution from the Falconbridge smelter.

"Falco", as it was often called by Sudbury residents, remained for decades the second-largest employer in the Sudbury area, exceeded only by rival mining giant INCO. The economic fortune of the city was tied to those of the mining companies; a strike at either had a major effect on the local economy and the livelihood of the population, involving thousands of workers in the major industry of the town. The effect diminished as economic diversification progressed in the 1980s and 1990s.

Citizens, particularly workers and their families, came to develop an attachment to what were seen as local companies with significant size and influence in the mining industry. In particular, a certain degree of rivalry between workers at the two mining giants, who were members of rival trade unions, developed. A proposal to merge the INCO and Falconbridge in 2006 was heade with a slogan "Two proud histories, one great future^[6]", in reference to the strong identities which workers and the community had attached to the companies.

A major street in Sudbury is named Falconbridge Road, after the company and community.

FRASER PAPERS INC

FPS.TO

FRASER PAPERS

Toronto

FRPPF.PK

FRASER PAPERS INC

Other OTC

WEBsite: http://www.fraserpapers.com

Fraser Papers is a leading manufacturer of specialized printing, publishing and converting papers. As one of North America's largest producers of specialized paper products, it operates 16 paper machines at operations in New Brunswick, Maine and New Hampshire in addition to a market hardwood kraft pulp mill in Quebec and 4 sawmill operations in New Brunswick and Maine.

Specialized high performance papers for publishers, printers and converters

Book Papers:

Lightweight text and reference grades

Lightweight Bible, financial, government, insurance and legal papers

Lightweight scientific & medical grades

Publishing papers for hardcover and paperback books

Uncoated and Coated Groundwood:

Lightweight uncoated grades for directories and catalogs

Lightweight coated grades for catalogs and magazines

Specialty and Converting Papers:

Label face and release base (SC, MF, HF)

Ink jet, fax and thermal coating base

Stamp and chart papers

Insulating base

C1S packaging and foil laminating base

Carbonizing bond and carbonless base

Commercial Printing:

Opaques, colors and bristols

Electronic imaging grades

Wood Products:

Dimensional lumber and wood chips for pulping

52 Week High

8.49

52 Week Low

5.30

Dividend Yield 0

EPS

-1.78

NORBORD INC

NBD.TO

NORBORD INC

Toronto

NBDFF.PK

NORBORD INC

Other OTC

WEBSITE: http://www.norbord.com/

Norbord Inc. is an international producer of wood-based panels with assets of $1.3 billion. We have 16 plant locations in the United States, Europe and Canada. We are one of the world�s largest producers of oriented strand board (OSB).

In addition to OSB, we manufacture particleboard, medium density fibreboard (MDF), hardwood plywood, I-joists and related value-added products.

Fast Facts

Based in Toronto, Canada

Common shares listed on the Toronto Stock Exchange (NBD:TSX)

Number of employees: 2,700

Operations: 11 OSB mills 2 MDF (medium density fibreboard) plants 3 particleboard plants 1 specialty plywood mill 1 I-joist facility 1 furniture plant

52wk Range:7.71 - 12.17

Dividend Yield 4.673

Procter & Gamble Co. - PG

PG

Procter & Gamble Co.

Web Site: http://www.pg.com


The Procter & Gamble Company and its subsidiaries engage in the manufacture and marketing of various consumer products worldwide. It operates in seven segments: Beauty; Health Care; Fabric Care and Home Care; Pet Health, Snacks and Coffee; Baby Care and Family Care; Blades and Razors; and Duracell and Braun. The Beauty segment offers hair cosmetics, deodorants, feminine care, hair care, personal cleansing, and skin care products. The Health Care segment provides oral care, pharmaceuticals, and personal health care products. The Fabric Care and Home Care segment offers laundry products, fabric conditioners, dish care, air fresheners, and household cleaners. The Baby Care and Family Care segment provides diapers, baby wipes, bath tissues, and kitchen towels. The Pet Health, Snacks and Coffee segment offers pet health, snacks, and coffee. The Blades and Razors segment provides men�s and women�s blades and razors. The Duracell and Braun segment offers batteries, electric razors, and small appliances. The company offers its products under Always, Head & Shoulders, Olay, Pantene, Wella, Actonel, Crest, Oral-B, Ariel, Dawn, Downy, Tide, Bounty, Charmin, Pampers, Folgers, Iams, Pringles, Gillette, MACH3, Braun, and Duracell brand names. It sells its products primarily through mass merchandisers, grocery stores, membership club stores, and drug stores. Procter & Gamble has a research and development agreement with Hutchison MediPharma Limited to discover and develop new active ingredients from Traditional Chinese Medicine and botanical sources for incorporation into beauty care products. The company was founded in 1837 and is headquartered in Cincinnati, Ohio.


52wk Range:52.75 - 66.30

Div & Yield:1.40 (2.20%)

22-Mar-07 Bear Stearns Upgrade Peer Perform Outperform

Sun Life Financial Inc- SLF

SLF

Sun Life Financial Inc.
Web Site: http://www.sunlife.com

Sun Life Financial, Inc., a diversified financial services company, provides savings, retirement, and pension products, and life and health insurance to individuals and groups in Canada, the United States, the United Kingdom, and Asia. It also operates mutual fund and investment management businesses primarily in Canada, the United States, and Asia. The company�s product portfolio comprises individual life insurance, individual annuity and saving products, group life and health insurance, group pension and retirement products, mutual funds, asset management services, individual health insurance, and reinsurance-life retrocession. Sun Life Financial distributes its products through direct sales agents, independent and managing general agents, financial intermediaries, banks, pension and benefit consultants, and direct sales. The company was incorporated in 1999 and is headquartered in Toronto, Canada.

Div & Yield:1.10 (2.30%)

52wk Range:37.10 - 48.18

Burlington Northern Santa Fe Corp - BNI

BNI
Burlington Northern Santa Fe Corp

Web Site: http://www.bnsf.com

Burlington Northern Santa Fe Corporation, through its subsidiaries, provides freight rail transportation services in North America. The company transports various products and commodities, including consumer, industrial, coal, and agricultural products. The consumer products include automotives, such as motor vehicles and vehicle parts, as well as perishables and dry boxcar products, including beverages, canned goods, and perishable food items. It also transports other consumer goods, such as cotton, salt, rubber, and tires. The company offers transport services for industrial products, including construction products, such as clays, sands, cements, aggregates, sodium compounds, and other industrial minerals; and building products, including lumber, plywood, oriented strand board, particleboard, paper products, pulpmill feedstocks, wood pulp, and sawlogs. Burlington Northern Santa Fe also transports chemical and plastic products, such as caustic soda, chlorine, industrial gases, acids, polyethylene, polypropylene, and polyvinyl chloride used by automotive, housing, and packaging industries, as well as feed stocks to produce other chemical and plastic products; and petroleum products, including liquefied petroleum gas, diesel fuels, asphalt, alcohol, solvents, petroleum coke, lubes, oils, waxes, and carbon black. In addition, the company provides transport services for agricultural products, including wheat, corn, bulk foods, soybeans, oil seeds and meals, feeds, barley, oats and rye, milo, specialty grains, ethanol, fertilizers, oils, malt, and flour and mill products. As of February 15, 2007, it operated a railroad system consisting of approximately 32,000 route miles in 28 states and 2 Canadian provinces. Burlington Northern Santa Fe was founded in 1849 and is headquartered in Fort Worth, Texas.


Div & Yield:1.00 (1.20%)

52wk Range:63.80 - 95.47

Stocks Mixed After Weak Economic Data

U.S. stocks were mixed and little changed on Monday, as investors weighed a slew of data revealing not only tame inflation but also weak spending, manufacturing and construction data, while upbeat earnings from Verizon Communication and a share buyback from Merrill Lynch provided only mild support.

Stocks Mixed After Weak Economic Data

U.S. stocks were mixed and little changed on Monday, as investors weighed a slew of data revealing not only tame inflation but also weak spending, manufacturing and construction data, while upbeat earnings from Verizon Communication and a share buyback from Merrill Lynch provided only mild support.