CP Holdings Announces Results of Tender Offer for Any and All Outstanding Shares of Common Stock of IIC Industries Inc.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 20, 2001

CP Holdings Limited, a company organized under the laws of the United Kingdom ("CP Holdings"), announced the results of its tender offer to purchase, through its wholly-owned subsidiary Kenyon Phillips Acquisition, LLC, a Delaware limited liability company, for cash any and all of the issued and outstanding shares of common stock (the "Common Shares") of IIC Industries Inc. ("IIC"), a corporation organized under the laws of the State of Delaware and whose shares are traded on the Nasdaq SmallCap Market (IICR), which are not already beneficially owned by CP Holdings, at a fixed price of $10.50 per Common Share.

The tender offer, expired at 12:00 midnight New York City time on December 19, 2001 (the "Expiration Date"). Prior to the commencement of the tender offer, CP Holdings owned 78.8% of the outstanding shares of IIC.

Of the 5,693,472 outstanding shares of IIC, a total of 300,064, or 5.2%, were tendered as of the Expiration Date. As a result of the tender offer, CP Holdings now owns 84% of the outstanding shares of IIC.

This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to CP Holdings and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly CP Holdings' actual results may differ significantly from the results discussed or implied in such forward-looking statements.