MONTREAL (Dec. 17, 2002) — Logistec Corp. said this week that it expects significantly reduced activities at Termont Terminal Inc., its joint venture intermodal container-handling terminal at the Port of Montreal, during the first quarter of next year.

The stevedoring company is coming to grips with the loss of the terminal’s largest customer, the CANEX consortium. It said it will maintain its container-handling operations at Termont’s facilities, but will act to tightly manage its costs there, pending the development of further business for the terminal.

“Termont is speaking with other potential customers,” said Logistec president and chief executive Madeleine Paquin. “In addition, Logistec is in the final stages of completing agreements for two significant cargo-handling contracts at ports in Eastern Canada and the Southern United States.”

She said it is premature to estimate the net effect of Termont’s reduced business and the potential new contracts on Logistec’s financial results in 2003.

Logistec operates Termont as a 50/50 joint venture with another stevedoring company, Ceres Terminals of Weehawken, N.J.