DELSON, QUEBEC--(Marketwire - Feb. 16, 2012) - Goodfellow Inc. ("Goodfellow") (TSX:GDL) announces that it has received the required regulatory approvals to reinstate its program to acquire Common Shares listed on the Toronto Stock Exchange (the "TSX") for the period between February 20, 2012 and February 19, 2013 at the latest. Goodfellow's Normal Course Issuers Bid (''NCIB") had previously expired in 2009. Pursuant to its reinstated program, Goodfellow intends to acquire, through the facilities of the TSX and in accordance with the requirements of the TSX, up to 335,390 Common Shares, representing 10% of such shares held by non-insiders of Goodfellow as of February 10, 2012.

The average daily trading volume of Goodfellow's Common Shares over the last six complete calendar months was 2,122 shares (the "ADTV"). Accordingly, under TSX rules and policies, Goodfellow is entitled on any trading day to purchase up to 1,000 Common Shares. Once a week, Goodfellow may also purchase, in excess of the daily 1,000 Common Shares repurchase limit, a block of Common Shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 Common Shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of Common Shares which total 150% or more of the ADTV in accordance with TSX rules. Goodfellow has retained ScotiaMcLeod Inc. as the broker to manage the program.

In connection with the program, Goodfellow has established an automatic securities purchase plan (the "Plan") for the 2012 NCIB. The Plan was established to provide standard instructions regarding how the Common Shares are to be repurchased under the NCIB. Accordingly, Goodfellow may repurchase its securities under the Plan on any trading day during the NCIB including during self-imposed trading blackout periods. The Plan will commence immediately and terminate with the NCIB. Goodfellow may otherwise vary, suspend or terminate the Plan only if it does not have material non-public information and the decision to vary, suspend or terminate the Plan is not taken during a self-imposed trading blackout period. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.

As of February 10, 2012, there were 8,571,754 Common Shares issued and outstanding of which 3,353,905 shares constitutes the public float. Common Shares may be acquired at the market price at the time of the acquisition. The Common Shares acquired through the program will be cancelled. Goodfellow Inc. considers that the acquisition of such Common Shares that it may effect from time to time in the course of the program is a sound use of its funds.

Goodfellow is Eastern Canada's largest independent re-manufacturer and distributor of lumber products and one of the largest distributors of hardwood flooring products in Canada.

Contact Information:

Goodfellow Inc.
Mr. Richard Goodfellow
(450) 635-6511