The Shnier Co. announces two significant developments within its hardwood product offering, effective in the fall of 2003

Toronto, August 7th, 2003 - The Shnier Co. announces two significant developments within its hardwood product offering, effective in the fall of 2003. A new high-end hardwood line will be launched under the Laurentian Estate brand name. Concurrently, the Images hardwood line will be phased out due to the planned closure of the Janus hardwood flooring operation.

Laurentian Estate hardwood flooring. In the fall of 2003, Shnier will significantly strengthen its Laurentian hardwood brand by introducing a new high end line extension, under the brand name, Laurentian Estate collection. Laurentian Estate collection will effectively broaden and improve upon the already established Laurentian Lakeside consumer offering by introducing additional wood species such as red oak, maple and birch, all with extremely high quality milling and surface finishing. Product quality will be further complimented with highly competitive local market inventory and service, providing the high degree of value-add, which G. E. Shnier customers have come to deserve and expect.

Carmen Chilelli, Director of Product Marketing at G. E. Shnier stated; "the development of the Laurentian Estate collection is a significant event in the evolution of G. E. Shnier's hardwood business, and is the result of many months of extensive research and hard work. The results I believe will speak for themselves". Chilelli further stated that "Laurentian Estate delivers on both quality and service, applying the latest technical manufacturing methods, combined with G. E. Shnier's extensive local market inventory and service, as well as extensive product warranties and guarantees".

Janus Images line to be discontinued- Wellesley Mills, MA, August 6, 2003. American Biltrite Inc. reported today that it plans to sell or otherwise close its Janus pre-finished hardwood flooring business by October 2003. This will eliminate G. E. Shnier's ability to supply Images hardwood flooring after December 2003.

G. E. Shnier will transition all of its Images business to the newly expanded Laurentian line, starting in the fall of 2003. In order to seamlessly manage the transition and ensure consistent product supply to Shnier customers, the following arrangements have been confirmed. Janus will continue to manufacture Images hardwood until October 3rd, 2003. Janus will also continue shipping product from its facility to G. E. Shnier warehouses through December 30, 2003. The new Laurentian Estate line will be made available in October 2003, at which time orders for new and innovative displays, samples and product will be entertained and fulfilled.

G. E. Shnier Co. (a division of Gesco Industries Inc.) is Canada's leading National Floorcovering Solutions Company. Founded in 1938, the company sells and services over 4,000 residential and commercial flooring customers, offering value-add products, programs and services. Shnier Co. is headquartered in Brampton, Ontario, in a state-of-the-art, 255,000 square foot central logistics centre. G. E. Shnier's national operations include six warehouse, sales office and/or showroom facilities across Canada.

We will continue to communicate any further developments with regard to this topic. Your G. E. Shnier representatives will be in touch with further details over the next several months.