Armbro Enterprises Announces Mailing Of All Cash Offer To Purchase Common Shares Of BFC Construction.

BRAMPTON, ONTARIO--(BUSINESS WIRE)--Nov. 18, 1999--

Armbro Enterprises Inc. (TSE: ARE.) announces that it mailed yesterday an offer and circular relating to its previously announced all cash offer to purchase all of the outstanding common shares of BFC Construction Corporation (TSE, ME, ASE: BFC) at a price of Cdn.$12.25 per share.

The offer is subject to a number of conditions including the requirement that it be accepted by BFC shareholders holding not less than 66 2/3% of the BFC shares (on a fully-diluted basis). In addition, Armbro's offer is conditional upon the termination of BFC's substantial issuer bid or its extension to two business days after the expiry of Armbro's offer with no shares taken up by BFC under the issuer bid prior to the expiry of the Armbro offer. Armbro's offer will expire at 12:01 a.m. (local time) on Thursday, December 9, 1999.

Armbro has entered into deposit agreements with certain shareholders of BFC holding an aggregate of approximately 50.2% of the BFC common shares currently outstanding under which they have agreed to deposit their shares to Armbro's offer. Such agreements also generally provide that, if there is a higher bid, such shareholders will tender to a new or amended offer by Armbro that matches or exceeds such higher bid.

Armbro Enterprises Inc., through its subsidiaries, has been a leading Ontario based builder and developer of transportation infrastructure since 1929. Armbro's principal activities are grouped into two major segments.

Armbro's Construction Operations Group, led by Armbro Construction Limited, undertakes the construction of highways, bridges, tunnels, marine works, airport runways and other related infrastructure, and provides turnkey site development services for commercial clients. It is also active in winter road maintenance, the recycling, manufacturing and sale of specialized asphalt, aggregate and precast concrete products, and provides materials engineering and other specialized quality testing construction services to the construction industry.

Armbro's Infrastructure Development Group includes the development, design, construction, financing, operation and management of transportation related infrastructure. These activities are carried out through SC Infrastructure Inc., Armbro's wholly owned subsidiary, and through Canadian Highways International Corporation in which Armbro holds a 25% interest. This segment's resources have been involved in the development, design, construction, commissioning and operation of the two largest transportation infrastructure projects in Canada, the Confederation Bridge linking New Brunswick and Prince Edward Island and the all-electronic Highway 407 toll road north of Toronto.