CFM Majestic Inc. Announces Intention to Renew Normal Course Issuer Bid.

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Sept. 16, 1999--

CFM Majestic Inc. (the "Company") (TSE:CFM) announced today that, subject to regulatory approval, it intends to renew its normal course issuer bid relating to the purchase for cancellation of up to 3,000,000 of its Common Shares, representing less than 10 percent of the issued and outstanding Common Shares of the Company, excluding those Common Shares currently held, directly or indirectly by directors and officers of the Company.

The program will commence and will terminate on such dates as the Company may initiate and complete its purchases pursuant to a notice of intention to make a normal course issuer bid to be filed with The Toronto Stock Exchange. Purchases will be made on the open market through the facilities of The Toronto Stock Exchange in accordance with its rules and by-laws. The price to be paid for the Common Shares purchased will be the market price of such shares at the time of purchase.

The Company has purchased 196,350 of its Common Shares within the past 12 months at an average purchase price of $11.98 per share.

The Company believes that the market price of its Common Shares could be such that their purchase may be an attractive use of corporate funds in view of the potential benefits of such purchases to remaining shareholders.

The Company is a leading vertically integrated manufacturer of gas and wood-burning fireplaces and free-standing stoves and other hearth products in North America and the United Kingdom. The Company designs, develops and manufacturers North America's most complete line of hearth products and maintains an ongoing program of research and development aimed at continually improving the quality, design, features and efficiency of its products.

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, the Company's ability to develop new products, the seasonality of the demand for the Company's products, competition and foreign currency fluctuations. These factors and other risks and uncertainties are discussed in the Company's Registration Statement on Form 40-F and in the subsequent reports filed by the Company with the U.S. Securities and Exchange Commission.