Consolidated Mercantile Incorporated and Glencoe Capital LLC complete share purchase in respect of Polyair Inter Pack Inc.

Share Name	Share Symbol	Market	Type
Consolidated Mercantile (MM)	NASDAQ:CSLMF	NASDAQ	Ordinary Share

Consolidated Mercantile (NASDAQ:CSLMF)
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Consolidated Mercantile Incorporated and Glencoe Capital LLC complete share purchase in respect of Polyair Inter Pack Inc. Consolidated Mercantile Incorporated: TSX - CMC - Common; NASDAQ - CSLMF - Common TORONTO, March 11 /PRNewswire-FirstCall/ -- Consolidated Mercantile Incorporated ("CMI") and Glencoe Capital, LLC confirmed today the completion of the previously announced purchase by an affiliate of Glencoe Capital LLC ("Glencoe"), at a price of CDN$15.08 per share, of 1,298,467 common shares of Polyair Inter Pack Inc. ("PPK") from CMI (the "Transaction") and 529,200 common shares of PPK from four other shareholders, representing an aggregate of 1,827,667 common shares of PPK. After giving effect to the Transaction, CMI owns 1,427,967 common shares of PPK and Glencoe owns 1,827,667 common shares of PPK, representing approximately 23% and 30% of PPK's outstanding common shares, respectively. Under the terms of a shareholders' agreement entered into by the parties, Glencoe has agreed to vote its shares at the discretion of CMI subject to certain negative covenants and protections. Additionally, CMI and Glencoe have each agreed to vote their shares of PPK in favour of the election of four nominees of CMI and three nominees of Glencoe to the board of directors of PPK. The terms of the Transaction do not contemplate any material change to the business or management of PPK. CMI is a management holding company which effects its investment strategy through investment in, management of and merchant banking to its core strategic industries including packaging, swimming pool products, furniture and finance. Chicago-based Glencoe is a private merchant bank managing over $900 million in alternative investment assets. Through the Glencoe CapitalPartners Funds, the firm acts as the lead sponsor in buyouts and recapitalizations of public and private companies with market values between $50 million and $350 million. Polyair Inter Pack Inc., http://www.polyair.com/ and http://www.cantar.com/, through its Polyair Group manufactures protective packaging; through its Cantar and Atlantic Groups the company manufactures swimming pool products, which are sold through a network of some 3,000 distributors across North America. Polyair operates twelve manufacturing facilities, seven of which are based in the United States where last year, the Company generated approximately 79% of its annual sales. The shares are listed on both the Toronto Stock Exchange and the American Stock Exchange under the symbol "PPK". "Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements which reflect management's current views of future events and operations. These forward- looking statements are based on assumptions and external factors, including assumptions relating to product pricing, competitive market conditions, financial data, and other risks or uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release and any changes in the assumptions or external factors could produce significantly different results. DATASOURCE: Consolidated Mercantile Incorporated CONTACT: Stan Abramowitz, Secretary, (416) 920-0500, Consolidated Mercantile Incorporated, 106 Avenue Road, Toronto, Ontario M5R 2H3; Christopher J. Collins, (312) 795-6300, Glencoe Capital, LLC, 222 West Adams Street, Suite 1000, Chicago,IL 60606; Wendy Smith, Shareholder Administrator, (416) 740-2687, Polyair Inter Pack Inc., 258 Atwell Drive, Toronto, Ontario M9W 5B2

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CSLMF Consolidated Mercantile (MM)