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MagIndustries Corp.: MagIndustries' Repurchases US$5.5 Million of its 11% Senior Unsecured Notes

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^{Published in Business and Finance on Thursday, April 2nd 2009 at 12:57 GMT, Last Modified on 2009-04-02 12:58:02 by Market Wire}  

TORONTO, ONTARIO--(Marketwire - April 2, 2009) - MagIndustries Corp. (TSX VENTURE:MAA) ("MagIndustries") is pleased to report that it has repurchased US$5.5 million principal amount of its 11% senior unsecured notes due December 20, 2012 for aggregate consideration (including accrued interest) of US$2,141,700, by way of private agreement. The repurchased notes will be cancelled pursuant to the terms of the indenture governing such notes and MagIndustries has reached an agreement with the holder of the associated 967,164 common share purchase warrants to not exercise such warrants prior to their expiry.

About MagIndustries Corp:

MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX-V Exchange and trades in Canadian currency under the symbol "MAA". The Company has approximately 288,079,962 shares outstanding on an undiluted basis. MagIndustries' resource subsidiaries are operating and developing major industrial projects in the Republic of Congo and the Democratic Republic of Congo.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

Cusip: 55917T 102

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.