Press Release

Nuheat and HSBC Capital, Partner for Growth

Vancouver, B.C. 19 June 2008

Nuheat Industries Limited announced today that HSBC Capital Canada Private Equity Fund has made a significant investment in Nuheat.

The investment will enable Nuheat to explore potential acquisitions, new business ventures and other opportunities.

"We are excited about our opportunities for continued growth with HSBC Capital Canada Private Equity Fund as our financial partner," said Nuheat President John Rose. "Nuheat is currently the dominant supplier of electric radiant floor heating in North America, and with the support of HSBC Capital Canada Private Equity Fund we will be able to build on this position."

Maintaining leadership status in the industry means continuing to improve the customer experience through investment in technology, shortening lead and quote times and improving service infrastructure.

Additionally, the new funds invested will facilitate expansion and enhancement of Nuheat’s sales force. Not only will Nuheat increase its market presence, it will further its support and service to contractors and distributors.

This transaction was managed and led by Dan Jacques, Director, HSBC Capital (Canada) Inc. who has been appointed to the Nuheat Board of Directors along with Neil Johansen, Managing Director, HSBC Capital (Canada) Inc. "HSBC Capital Canada Private Equity Fund is pleased to invest in such a strong and successful business, alongside a proven and committed man- agement team. Nuheat has been recognized throughout North America as the leader in this fast growing sector, and we believe the company has the right model for continued success," said Neil Johansen.

Named one of Canada’s 50 Best Managed Companies for the last three years and one of BC’s Best Places to Work in 2007, Nuheat has grown to become one of the healthiest multinational companies operating in British Columbia. Founded in 1989, Nuheat has offices throughout North America with a central manufacturing facility and head office in Delta, B.C.

HSBC Capital Canada Private Equity Fund is a private equity fund sponsored by third-party institutions and HSBC Bank Canada and is managed by a subsidiary of HSBC Capital (Canada) Inc. HSBC Capital (Canada) Inc. is the merchant banking subsidiary of HSBC Bank Canada and manages over $400 million of capital.

For further information, please contact the following individuals:

Suzie Cho
Marketing Manager, Nuheat Industries Limited
(604) 529-4430


Ernest Yee
HSBC Bank Canada
(604) 641-2973

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