Polyair Inter Pack Inc. announced that the amendment of the companys articles to effect the going private transaction by way of consolidation of its Common Shares on a 5,000,000:1 basis was approved by a special resolution of the companys shareholders at its annual and special meeting and that the company has filed articles of amendment to effect the consolidation. The consolidation took effect at 11:59 p.m. on July 14, 2009 (the 'Effective Date').

Polyair Inter Pack Inc. reported earnings results for the second quarter and six months ended May 2, 2009. For the quarter, the company reported net income of $149,000 on sales of $21,279,000 compared to net loss of $1,605,000 on sales of $28,802,000 for the same period a year ago. The company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $1,213,000 and operating income of $578,000 compared to loss before interest, taxes, depreciation and amortization (LBITDA) of $383,000 and operating loss of $1,345,000 for the same period a year ago. Sales declined across all lines of business as a result of a significant drop in market demand caused by the deteriorating economy. For the six months, the company reported net loss of $967,000 or $0.02 per diluted share on sales of $44,073,000 compared to net loss of $2,272,000 or $0.32 per diluted share on sales of $56,025,000 for the same period a year ago. The company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $1,820,000 and operating income of $505,000 compared to earnings before interest, taxes, depreciation and amortization (EBITDA) of $325,000 and operating loss of $1,583,000 for the same period a year ago. The 2009 results compared favorably with the 2008 results despite a 26% decline in sales, and reflected lower raw material costs and reduced operating expenses.

Polyair Inter Pack Inc., Annual General Meeting, Jul 13, 2009, at 15:00 Eastern Daylight. Location: 330 Humberline Drive, Toronto, Ontario, M9W 1R5,Canada. Agenda: To vote on consolidation of the company's common shares; to receive the financial statements of the corporation for the fiscal year ended October 31, 2008; to elect the directors of the corporation; to appoint the auditors of the corporation and authorize the directors to fix their remuneration; and to transact such further or other business as may properly come before the meeting or any adjournment(s) or postponement(s) thereof .