Canadian Operating Companies of Concert Industries Ltd. File Plan of Arrangement: Canadian Operations to be Restructured.

GATINEAU, Quebec -- Concert Industries Ltd. (TSX: CNG) ("Concert") today announced that its Canadian operating subsidiaries have filed a motion to order a meeting of their creditors to consider and vote on a final plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act ("CCAA"). The plan relates only to Concert Fabrication Ltee, Concert Airlaid Ltee and Advanced Airlaid Technologies Inc., the Canadian operating subsidiaries, and their creditors.

The motion will be presented in the Superior Court for the District of Montreal on Monday, November 8, 2004. The motion, if granted, will order that Concert's Canadian operating subsidiaries call and hold a meeting on December 10, 2004 and that during the interim period, creditors will submit proof of their claims against the companies.

If approved, the Canadian operating subsidiaries' plan would entail a significant restructuring of Concert's Canadian operations. The Company's European operations will be unaffected by the plan. The plan is part of a comprehensive reorganization of the business and affairs of Concert's Canadian operating companies and is designed to enable them to be restructured and repositioned on a long-term basis as a viable business in the development and manufacture of specialty pulp based absorbent latex, thermal and multi-bonded airlaid fabrics. The Canadian operating companies have developed the plan, which they believe is in the best interest of all stakeholders including creditors, suppliers and employees. These companies have been involved in ongoing discussions with Tricap Management Limited, their senior secured lender, concerning the plan and the restructuring of their operations and Tricap supports the terms of the plan. Certain other major creditors that are affected by the plan have agreed to vote in favour of and support the plan.

Shareholders and creditors of Concert will not be entitled to vote on, or participate in, the plan of the Canadian operating subsidiaries. Following the implementation of the plan, Concert will no longer have ownership or control of any of its operating companies. The implementation of the plan is likely to result in the delisting of Concert's shares from the TSX.

The entire text of the motion and the plan of arrangement will be made available, starting November 9, through the Company's website at www.concert.ca, through the website of the Monitor, PricewaterhouseCoopers Inc., at www.pwc.com/brs-concertgroup, or by calling Marc Nantel-Legault of the Monitor at [phone].

Company profile

Concert Industries Ltd. is a company specializing in the manufacture of cellulose fiber based non-woven fabrics using airlaid manufacturing technology. Concert's products have superior absorbency capability and are key components in a wide range of personal care consumer products, including feminine hygiene and adult incontinence products. Other applications include pre-moistened baby wipes, disposable medical and filtration applications and tabletop products. The Company has manufacturing facilities in Canada, in Gatineau and Thurso, Quebec, and in Germany, in Falkenhagen, Brandenburg.

Forward looking statements

Statements contained in this press release that are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include among others: competition, reliance on new products, management of growth and expansion, product obsolescence, reliance on major customers and suppliers, start-up of new manufacturing facilities, foreign currency, government regulation and intellectual property rights.

Concert Industries Ltd. (TSX:CNG)