Lakeside Provides Further Update on Non-Binding Transaction Proposal

    




 WELLAND, ON, Jan. 23, 2012 /CNW/ - Lakeside Steel Inc.   ("Lakeside" or the "Company") today announced that the extended period  in which the Company has agreed to negotiate exclusively with the  potential purchaser regarding an acquisition or similar transaction has  been extended until 9:00 a.m. on Tuesday, January 24, 2012 in order to  allow the parties to conclude their negotiations and finalize  definitive transaction agreements. 

 The proposed acquisition remains subject to certain conditions including  the execution of a definitive transaction agreement between the Company  and the purchaser as well as the execution of support agreements with  directors of the Company and certain significant shareholders. There is  no assurance that definitive transaction agreements will be executed by  the parties or that the proposed acquisition will be consummated. 

 Neither TSX Venture Exchange nor its Regulation Services Provider (as  that term is defined in policies of the TSX Venture Exchange) accepts  responsibility for the adequacy or accuracy of this release. 

Lakeside Steel Inc.


CONTACT:  Ron Bedard                                    Ken Hunter President and Chief Operating Officer         Chief Financial OfficerLakeside Steel Inc.                           Lakeside Steel IncFAX:  [phone]                           FAX:  [phone]e-mail: [e-mail]       e-mail:[e-mail] 


    

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