CFM Corporation Announces The Purchase of The Great Outdoors Grill Company.

Business Editors

MISSISSAUGA, Ontario--(BUSINESS WIRE)--May 30, 2002

CFM Corporation ("CFM")(CFM\TSE) announced today that it has completed the acquisition of all of the issued and outstanding shares of The Great Outdoors Grill Company ("Great Outdoors") of Joplin, Missouri from Great Outdoors' shareholders (the 'Sellers").

Great Outdoors is a North American manufacturer and distributor of a range of innovative and high quality cast aluminum barbecues selling at mid-range retail price points. The acquisition will extend the range of barbecue products that CFM supplies to its customers and will support the continued growth of CFM's existing grill operations with this broadened line of products.

The purchase price due to the Sellers for the purchased shares was satisfied by way of a cash payment of U.S.$9.6 million and the issuance to the Sellers of 195,366 common shares of CFM. In addition, the Sellers will be entitled to a deferred payment of up to U.S.$12.3 million, depending upon future earnings performance of the acquired business which amount will be satisfied by way of the issuance of non-interest-bearing promissory notes re-payable in equal monthly installments over a two year period commencing in early 2004.

"Great Outdoors gives us expertise in both mid-range cast aluminum manufacturing and import experience and is an excellent extension of our barbecue program for our dealers, distributors and mass merchant customers", said Colin Adamson, Chairman and Chief Executive Officer. "In combination with our accessory and existing barbecue program and continued product development CFM will be a full line vendor in the barbecue industry in North America."

"We are pleased to welcome the management and associates of Great Outdoors to CFM. The experience and creativity of the people in Great Outdoors and the position in the market they have built provides a substantial addition to our platform for growth in the grill business", said Jim Lutes, President and Chief Operating Officer.

More information concerning the products and background of Great Outdoors can be obtained at www.gogrills.com.

In conjunction with the completion of this transaction, CFM has obtained the agreement of its current banking syndicate to the increase in its available credit facilities by Cdn. $60 million. This additional borrowing capacity will be used by CFM for general corporate and operating purposes as it moves forward with its business plan.

CFM is a leading vertically integrated manufacturer of home products and related accessories in North America and the United Kingdom. CFM designs, develops, manufactures and distributes a complete line of hearth products, including gas, wood-burning and electric fireplaces, free-standing stoves, gas logs, and hearth accessories, and maintains an ongoing program of research and development aimed at continually improving the quality, design, features and efficiency of its products. CFM also manufactures barbecues, barbecue parts and accessories and outdoor garden accessories and imports indoor and outdoor space heating products from South Korea.

This press release contains forward looking statements that involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, without limitation, general economic conditions, consumer confidence and the level of housing starts, CFM's ability to develop new products, the seasonality of the demand for CFM's products, relationships with certain significant customers and suppliers, competition and foreign currency fluctuations. These factors and other risks and uncertainties are discussed in the reports and disclosure documents filed by CFM with Canadian and U.S. securities regulatory authorities and commissions.