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Duane,

Sorry for late reply, I was on vacation last week :-)

I also feel pain when I think of LeChateau. I looked at them 2-3 years ago and did not buy then because I did not think they could grow that much in a market as hard as fashion clothing. I think LeChateau is a lot more fairly valued now then back then :-(

Back to Savaria, yy friend told me about this company because he was told that management is really confident about turning Concord Elevator around. They bought it for less then 10 million, for 30 million of revenues (more then doubling Savaria revenues) and for a 15 million loss carry forward. Last week they anonced that they bought Van-Action for 1.4 million in cash that will add 13 million of revenues.

Savaria's plan really seems to be buying troubled companies on the cheap that are complemnetary to their business model hoping they can turn them around.

From what I understood you tell me, investing in this company is all about confidence in management. I think it is more and more true as they make acquisitions of troubled companies.

Knowing that the top guys of this company own at least 30% of the company gives me some confidence that at least they really think they are doing things right.

The Corporation also wishes to announce that, following shareholder approval of the amendment of the Corporation's articles to permit the exercise of the Series "A" preferred shares at any time, the holder of the 7,000,000 Series "A" preferred shares, Les Elevateurs Savaria Inc., has exercised its right to convert these shares to 7,000,000 common shares. Les Elevateurs Savaria Inc. is a private holding company beneficially owned by Marcel Bourassa, President, CEO and a director of the Corporation and Jean-Maria Bourassa, CFO and a director of the Corporation. Compete details were provided in the Corporation's most recent information circular which is available at the SEDAR website (www.sedar.com). The Corporation now has 22,744,262 common shares issued and outstanding as of today and no preferred shares issued and outstanding.

I also think that with the population getting older, their market will grow for many years to come. I also like the fact that they were able to grow many years without debt.

It is currently on my top watchlist. Management quality is really hard to evaluate. So I think I am going to wait for the Q2 numbers before deciding.

TQ.
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