BEEF PACKING PLANT SOLD

Released on March 31, 2000

Western Canadian Beef Packers Inc. (WCB) of Moose Jaw has been purchased by XL

Foods Inc. of Calgary, Alberta.



"We are pleased to conclude this sale with XL Foods," Crown Investments

Corporation Minister John Nilson said. "We have been trying to find a

strategic private sector buyer for the company ever since CIC took control of

WCB in September of 1998. XL Foods is a strong player in the beef industry and

we are pleased to welcome the company to Saskatchewan."



"XL Foods is proud to join the Moose Jaw and Saskatchewan business communities

and to continue to provide Saskatchewan producers with a competitive market for

their cattle," XL Foods Inc spokesperson Lee Nilsson said.



XL Foods has purchased the Moose Jaw company for $1.868 million. It will also

assume certain liabilities of between $6 million and $7 million. CIC will

provide XL with financing in the form of a $2.368 million secured loan to be

repaid over 10 years.



"We believe that this deal is in everyone's best interests," Minister Nilson

said. "Our goals were to keep the company in business, to keep it in Moose Jaw

and to prevent further financial losses for the Province. This is a very

important business for the people of Moose Jaw, for our provincial economy and

for cattle producers in Saskatchewan."



The sale is effective immediately. WCB's slaughter and processing plants in

Moose Jaw will be amalgamated into XL Foods and will assume the name, XL Foods

Inc.



Under the name of Western Canadian Beef Packers Inc., the Moose Jaw slaughter

facility began operations in 1991, while the boxed beef plant opened in 1996.

The company is the only federally inspected beef slaughter and processing

facility in Saskatchewan, slaughtering about 180,000 animals a year. The two

plants have approximately 264 employees.



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For more information, contact:



Karen Schmidt Lee Nilsson

A/Executive Director, Communications XL Foods Inc.

Crown Investments Corporation Calgary, Alberta

Regina Phone: (403) 258-3233

Phone: (306) 787-5889