CALGARY, ALBERTA--(Marketwire - Nov. 2, 2011) - Superior Plus Corp. (TSX:SPB) ("Superior" or the "Corporation") is pleased to announce that it will redeem an additional $50 million principal amount of its 5.75% convertible unsecured subordinated debentures (the "2012 Debentures") due December 31, 2012 in accordance with the indenture governing the 2012 Debentures. The additional $50 million 2012 Debentures will be redeemed on December 15, 2011 (the "Redemption Date") at the redemption price (the "Redemption Price") which is equal to the outstanding principal amount of the 2012 Debentures to be redeemed, together with all accrued and unpaid interest thereon up to the Redemption Date, being $1,026.4658 per $1,000 principal amount of 2012 Debentures. The 2012 Debentures that are redeemed will cease to bear interest from and after the Redemption Date.

The aggregate amount of 2012 Debentures outstanding as of the date hereof is $174.95 million. However, assuming completion of this redemption and the previously announced redemption of $75 million principal amount of 2012 Debentures to occur on November 7, 2011, the outstanding balance of the 2012 Debentures will be $49.95 million.

Pursuant to the terms of the Indenture governing the 2012 Debentures, holders of 2012 Debentures that are to be redeemed have the right until the last business day prior to the Redemption Date to convert their 2012 Debentures into common shares of Superior ("Common Shares") at a conversion price of $36.00, being a rate of approximately 27.7778 Common Shares per $1,000 principal amount of 2012 Debentures.

The additional $50 million 2012 Debentures to be redeemed shall be selected by the debenture trustee on a pro rata basis to the nearest multiple of $1,000. As a result, no 2012 Debenture shall be redeemed in part unless the principal amount redeemed is $1,000 or a multiple of $1,000.

Superior will use funds from its credit facility to fund the redemption of the 2012 Debentures.

Wayne Bingham, Executive Vice-President and Chief Financial Officer stated "The redemption of an additional $50 million of Superior's 2012 Debentures is consistent with Superior's overall debt management plan of reducing debt and the risk of future refinancings, particularly in light of ongoing uncertainty in international capital markets. As a result of the reduction in Superior's dividend to $0.05 per share effective with the November 2011 dividend, as announced on November 2, 2011, Superior will maintain the financial flexibility to refinance the remaining $49.95 million of the 2012 Debentures at its discretion in 2012."

About the Corporation

Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates, providing fixed-price energy services, and supply portfolio management; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.

Forward Looking Information

Certain information included in this Press Release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words. In particular, this press release includes forward looking information pertaining to the proposed redemption of Superior's 2012 Debentures and Superior's future financial flexibility. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking information is based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. Forward looking information contained in this press release is made as of the date hereof and is subject to change. The Corporation assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law. Forward-looking information is provided for the purposes of providing information about management's current expectations and plans about the future. Reliance on such information may not be appropriate for other purposes, such as making investment decisions.