January 19, 2004

Granby Steel Tanks Acquires Assets of Kamco Products Limited

Granby Steel Tanks, North America's leading manufacturer of high quality steel storage tanks to the North American heating, air conditioning and plumbing market, has entered into an agreement to acquire the assets of Kamco Products Limited.

Oakville Ontario – Granby Steel Tanks, North America's leading manufacturer of high quality steel storage tanks to the North American heating, air conditioning and plumbing market, has entered into an agreement to acquire the assets of Kamco Products Limited. The acquisition is expected to be completed in the first week of February, 2004. Kamco is North America's leading manufacturer of coated copper tubing for oil, gas, potable water and various industrial applications. Mr. Brad Sigouin, the founder of Kamco, will continue as President of Kamco. Mr. Bill McKinstry will join Kamco as Chief Operating Officer. Together, Mr. McKinstry and Mr. Sigouin bring unequalled knowledge of both the copper industry and the natural gas, fuel oil and potable water industries.

Granby Steel Tanks is excited at the prospect of expanding into new sectors of the Heating and Air Conditioning industry with the Kamco line of superior products. Kamco's commitment to superior quality, service and innovation aligns well with Granby's management philosophy and vision for the future. Kamco will accelerate its sales growth by utilizing Granby's 50 years of experience serving the oil industry via a network of independent distributors in both the United States and Canada. Granby and Kamco are looking forward to working together and pioneering industry innovations which will exceed their customer's expectations.

Granby Steel Tanks is controlled by TorQuest Partners Inc., a Canadian based manager of private equity funds. Its TorQuest Partners Value Fund, L.P., with a capitalization of over $180 million, is pursuing investments in middle and later stage companies.