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Yellow Point Closes Buyout Of Selkirk Recovery

Vancouver, B.C. May 16, 2006 – Yellow Point Equity Partners LP (“Yellow Point”) announced today the closing of the buyout of Selkirk Recovery Inc. (“Selkirk”). Harper’s Recycling, a long established Duncan-based recycling company, partnered with Yellow Point and vended its business into Selkirk concurrent with the transaction.

Selkirk, head officed in Victoria, is the largest recycling company on Vancouver Island. Through a network of handling yards stretching as far north as Campbell River, Selkirk procures both ferrous and non ferrous metals from over 700 industrial suppliers throughout the Island. The materials are delivered to its processing site located on waterfront property in Victoria then shipped to the U.S. or Asian markets where the shredded metal is used as feedstock in the re-manufacturing of new steel products.

“By combining two of the leading recycling companies on Vancouver Island, we have created a unique platform to facilitate further growth within this growing industry,” said Andrew Ketch, President of Selkirk. “We are excited to have Yellow Point as partners for this transaction and are looking forward to a long and prosperous relationship.”

“We are attracted to companies which maintain leading market shares, are well managed and have demonstrated a long history of strong profitability,” said Brian Begert, Managing Partner of Yellow Point. “These qualities made Selkirk an attractive acquisition for Yellow Point.”

Yellow Point Equity Partners is a private equity investment firm with significant operating and investment experience. It invests in outstanding management teams of later-stage growth companies based primarily in western Canada and aims to be the long-term partner of choice for Canada’s leading mid-market companies. Yellow Point’s approach is supportive, hands-off with respect to day-to-day operations and active when it comes to strategic decisions and board work.

For more information, please contact either Brian Begert or David Chapman, or visit