1314385 Ontario Limited Announces Completion Of Bid To Acquire All Issued And Outstanding Common Shares Of Trailmobile.

Business Editors

MISSISSAUGA, Ontario--(BUSINESS WIRE)--May 8, 2002

Trailmobile Canada Limited ("TCL" or the "Company") (TMX-TSE) wishes to advise that its controlling shareholder, 1314385 Ontario Limited (the "Offeror"), has completed its cash offer (the "Offer") to purchase all of the outstanding common shares of the Company at a price per share of $0.10. The Offer, which was originally announced on February 1, 2002, expired on May 3, 2002 at 4:00 p.m. (Toronto time).

The Offeror acquired a further 67,500 common shares in the market at $0.10 per share and the further 771,150 common shares tendered to the Offer were taken up and paid for resulting in the Offeror holding an aggregate of 54,110,337 common shares representing approximately 96.32% of the current issued and outstanding common shares of Trailmobile. The Offeror acquired 90.36% of the common shares of the Company it did not already own prior to the commencement of the Offer and will therefore be proceeding with a Compulsory Acquisition under the provisions of the Ontario Business Corporations Act.

As previously advised, in a bulletin published by the Toronto Stock Exchange (the "TSE") on December 17, 2001, the TSE advised that it was reviewing the eligibility for continued listing on the TSE of the common shares of the Company (the "Review") and granted the Company 120 days to comply with all the requirements for continued listing. The Review is based upon the "financial condition and/or operating results" of the Company as well as on the basis that the "public distribution, price, or trading activity of the company's securities has been so reduced as to not warrant continued listing". The TSE issued a Bulletin on April 17, 2002 indicating that the Company's shares would be suspended from trading on May 17, 2002.

Now that the Offeror has taken up or acquired in the market an aggregate of 19,409,435 common shares under the Offer, the Company no longer meets the listing requirements on the TSE.

In light of the completion of the Offer, the Company has requested that its shares be voluntarily de-listed forthwith.

Trailmobile Canada Limited manufactures dry-freight trailers for commercial trucking customers in Canada and the United States. The company is majority owned by Chicago-based Trailmobile Corporation. Trailmobile is one of North America's largest trailer manufacturers, with an extensive sales and distribution network in both the USA and Canada. Trailmobile Canada Limited's head office and manufacturing facility are located in Mississauga, Ontario.