Medina, Ohio, April 15, 2005--Corrpro Companies, Inc. (AMEX:CO), announced today that it
has completed a transaction to sell CSI Coating Services, a division of its Corrpro Canada, Inc.
subsidiary, in a private transaction for an undisclosed amount. The transaction is being effected
as an asset sale to CSI Group, Inc. in a buyout led by local management.
"This transaction represents an attractive opportunity to realize value from an operation that was
not core to our strategy for pursuing our strengths in the Canadian markets. Because of different
market characteristics, we remain committed to our coatings operations outside of Canada,"
stated Joseph P. Lahey, President and Chief Executive Officer of Corrpro. "We will use the net
proceeds from the transaction to pay down debt under our financing arrangements."
About Corrpro Companies: Corrpro, headquartered in Medina, Ohio, with over 30 offices
worldwide, is the leading provider of corrosion control engineering services, systems and
equipment to the infrastructure, environmental and energy markets around the world. Corrpro is
the leading provider of cathodic protection systems and engineering services, as well as the
leading supplier of corrosion protection services relating to coatings, pipeline integrity and
reinforced concrete structures.
Except for historical information, the matters discussed in this press release are forward-looking
statements relating to the business of the Company. The forward-looking statements are made
under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words
such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" or
variations of such words and similar expressions are intended to identify such forward-looking
statements. The Company believes that the following factors, among others, could affect its
future performance and cause its actual results to differ materially from those that are expressed
or implied by forward-looking statements: the future performance of our coatings operations
outside of Canada; the future performance of our non-coatings operations in Canada;
fluctuations in foreign currency exchange rates; the Company's mix of products and services;
the timing of jobs; the availability and value of larger jobs; qualification requirements and
termination provisions relating to government jobs; the impact of inclement weather on the
Company's operations; the impact of energy prices on the Company's and its customers'
businesses; the impact of existing, new or changed regulatory initiatives; and the impact of
changing global political and economic conditions. Further information concerning factors that
may affect the Company's business and performance are set forth in the Company's filings with
the Securities and Exchange Commission. The Company assumes no obligation to update any of
the information contained or referenced in this press release. |