Genstar To Purchase Gulf Of Georgia Towing

Genstar Limited, Montreal, Canada, has announced that it has signed an agreement to purchase all of the outstanding shares of Gulf of Georgia Towing Co. Ltd. of Vancouver, subject to obtaining approvals from necessary government or regulatory authorities.

Gulf of Georgia Towing Co. operates tugs and barges along the Pacific Coast and is wholly owned by James S. Byrn of Vancouver. Total purchase price has not been disclosed, but includes cash and Genstar common stock.

Gulf of Georgia's marine equipment, including 15 tugs and 57 barges, will complement Genstar's West Coast Seaspan International fleet by providing a broader range of equipment and greater flexibility in scheduling service to customers of both companies from Mexico to Alaska.

Genstar Limited, headquartered in Montreal, is a diversified operating company which manufactures cement, building materials, chemicals and fertilizers, and is engaged in housing, land development, commercial property development and management, construction, tug and barge transportation, shipbuilding and ship repairs, import-export of industrial minerals, and venture capital investment.

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