CamVec Corporation Reports 36 Percent Increase In Net Earnings for the 9 Months Ended December 31, 1995.

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Feb. 14, 1996--CAMVEC CORPORATION (TSE:CV) For the nine months ended December 31, 1995, net earnings of CamVec Corporation totalled $1,726,660 (32 cents per share) for an increase of $459,721 or 36 percent over net earnings of $1,266,939 (24 cents per share) reported for the comparable nine months in 1994. Revenues totalled $21,175,061 and $17,721,448 respectively for these periods for an increase of 19 percent in 1995 over 1994.

Net interest income of $31,940 earned for the nine months in 1995 compared with net interest expense of $155,974 incurred in 1994 for an improvement of $187,914, reflecting the company s significantly strengthened cash position.

Operations for the three months ended December 31, 1995, generated net earnings of $435,628 (8 cents per share) for an increase of 27 percent over net earnings of $341,336 (7 cents per share) for the same period in 1994.

Revenues for the three month period totalled $6,695,073 for a 20 percent increase over revenues of $5,567,404 recorded during last year's third quarter showing continuation of the volume gains reported throughout 1995 in the AMJ Campbell Van Lines Division.

Floating rate long-term debt in the amount of $3,062,323 was retired in November 1995, following which Working Capital at December 31, 1995, stood at $7,536,262 for an improvement of $1,804,290 over the comparable 1994 position. The company continues to maintain access to $5.5 million in unutilized bank credit facilities.

CamVec has received regulatory approval for a normal course issuer bid by the company for purchases of its common shares through the facilities of The Toronto Stock Exchange. Purchases made pursuant to the bid will not exceed 125,000 common shares of the Company (representing 2.3 percent of the Company's 5,346,902 outstanding shares) over a twelve month period commencing on February 15, 1996 and ending February 14, 1997. Any purchase will be made in accordance with the rules of The Toronto Stock Exchange and will be made at the market price of the shares at the time of the acquisition. Management of the Company believes such purchases to be a prudent use of cash which can be used to enhance shareholder value by making such purchases. During the twelve months ended December 18, 1995, the Company acquired through normal course purchase 4,600 common shares at an average price of $1.55 per share.

By letter dated February 9, 1996, CamVec was advised that Revenue Canada has decided not to proceed with proposed adjustments which would have reclassified as capital losses certain pre-1992 losses in the approximate amount of $13.4 million sustained by a predecessor venture capital corporation and carried forward for income tax purposes by CamVec as losses incurred in the ordinary course of business. For the future, this confirms that predecessor company business losses carried forward at March 31, 1995 in the amount of approximately $13.6 million remain available to reduce income taxes otherwise payable by CamVec.

Comparative financial data for the periods covered is attached hereto.

CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(unaudited)

                        3 MONTHS                9 MONTHS
                          ENDED                   ENDED
                       DECEMBER 31,            DECEMBER 31,
                    1995        1994        1995        1994
                     $           $           $           $

REVENUE          6,695,073   5,567,404  21,175,061  17,721,448
Direct costs and
 other expenses (5,867,155) (4,946,645)(18,276,392)(15,409,952)
Depreciation and
 amortization     (240,619)   (152,112)   (498,558)   (411,335)
                ----------- ----------- ----------- -----------
Earnings from
 operations before
 interest          587,299     468,647   2,400,111   1,900,161
Minority interest
 in partnerships  (211,261)   (143,903)   (839,756)   (631,146)
                ----------- ----------- ----------- -----------

EARNINGS FROM
 OPERATIONS        376,038     324,744   1,560,355   1,269,015
Interest income
 (expense) - net     9,031     (45,138)     31,940    (155,974)
Gain on sale of
 assets             50,559      61,730     134,365     153,898
                ----------- ----------- ----------- -----------

NET EARNINGS FOR
 THE PERIOD        435,628     341,336   1,726,660   1,266,939
                ----------- ----------- ----------- -----------

NET EARNINGS PER
 SHARE                $.08        $.07        $.32        $.24

CONSOLIDATED BALANCE SHEET
AS AT DECEMBER 31,
(unaudited)

                                             1995        1994
                                               $           $
ASSETS
  Current Assets
    Cash and short term investments     3,840,432   4,103,975
    Accounts receivable                 5,948,816   4,220,694
    Income taxes recoverable              162,826     162,826
    Prepaid expenses                       64,892      99,450
                                      ----------- -----------
                                       10,016,966   8,586,945
  Notes Receivable                        159,984     231,666
  Fixed Assets, net                     6,773,763   6,871,434
  Goodwill And Other Assets, net        3,118,930   3,382,145
                                      ----------- -----------
                                       20,069,643  19,072,190
                                      ----------- -----------
LIABILITIES
  Current Liabilities
    Bank indebtedness                                 539,921
    Accounts payable and
     accrued charges                    2,218,306   1,718,063
    Current portion of long-term debt      12,398     596,989
    Current portion of deferred items     250,000
                                      ----------- -----------
                                        2,480,704   2,854,973
  Minority Interest In Partnerships       827,809     722,789
  Long-Term Debt                          599,805   3,078,011
  Deferred Income And Other Items       2,033,982     250,000
                                      ----------- -----------
                                        5,942,300   6,905,773
SHAREHOLDERS' EQUITY                   14,127,343  12,166,417
                                      ----------- -----------
                                       20,069,643  19,072,190
                                      ----------- -----------
SHAREHOLDERS' EQUITY PER SHARE              $2.64       $2.27

CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOW
(unaudited)

                        3 MONTHS                9 MONTHS
                          ENDED                   ENDED
                       DECEMBER 31             DECEMBER 31
                    1995        1994        1995        1994
                     $           $           $           $
CASH PROVIDED BY (USED FOR):
 Operations
  Net earnings for
  the period       435,628     341,336   1,726,660   1,266,939
  Items not involving cash
  Depreciation and
  amortization     172,657     152,112     498,558     411,335
  Minority interest
  in partners      211,261     143,903     839,756     631,146
  Gain on sale
  of assets        (65,492)    (61,830)   (161,023)   (173,290)
               ----------- ----------- ----------- -----------
                   754,054     575,521   2,903,951   2,136,130
  Increase in other non-cash
   working capital
   items          (242,121)  1,543,655  (1,737,271)    301,335
               ----------- ----------- ----------- -----------
                   511,933   2,119,176   1,166,680   2,437,465
               ----------- ----------- ----------- -----------
 Financing
  Inducement received from Atlas Van Lines
     (Canada) Ltd.                                     250,000
  Portion of inducement
  paid to franchisees                     (114,075)
  Repayment of long-term
  debt          (3,062,323)   (547,645) (3,106,325)   (642,936)
               ----------- ----------- ----------- -----------
                (3,062,323)   (547,645) (3,220,400)   (392,936)
               ----------- ----------- ----------- -----------
 Investments
  Payments on notes
  receivable       120,647      62,879     291,829     182,232
  Additions to
  fixed assets    (147,978)   (125,747)   (322,668)   (539,758)
  Distributions to
   minority
   interest       (395,717)    (81,000)   (612,483)   (294,489)
               ----------- ----------- ----------- -----------
                  (423,048)   (143,868)   (643,322)   (652,015)
               ----------- ----------- ----------- -----------
Increase in
cash position   (2,973,438)  1,427,663  (2,697,042)  1,392,514
Cash Position
 - Beginning Of
 Period          6,813,870   2,136,391   6,537,474   2,171,540
               ----------- ----------- ----------- -----------
Cash Position
 - End Of Period 3,840,432   3,564,054   3,840,432   3,564,054
               ----------- ----------- ----------- -----------

Cash Position  - End Of Period Is
 Represented By:
  Cash and short term investments        3,840,432   4,103,975
  Bank indebtedness                                   (539,921)
                                       ----------- -----------
                                         3,840,432   3,564,054

CONTACT: CAMVEC CORPORATION

Arthur W. Walker

Chairman & Chief Executive Officer

[phone]

[phone] (Fax)