Upper Lakes completes acquisition of Pascol Engineering and Port Weller Dry Docks

On March 2, 2007, Upper Lakes Group Inc., through two subsidiaries, completed the acquisition of the Pascol Engineering and Port Weller Dry Docks divisions of Canadian Shipbuilding & Engineering Ltd. ("CSE"). Pascol and PWDD are engaged in the business of ship repair and industrial fabrication in Thunder Bay and St. Catharines, respectively. CSE had previously filed for court protection under the Companies' Creditors Arrangement Act (Canada) and RSM Richter Inc. had been appointed as Monitor of the debtor. Upper Lakes was advised in this transaction by Edmond Lamek and Sean Stevens of Fasken Martineau.