Goderich Buying Back Shares

TORONTO - May 24/06 - SNS -- Goderich Elevators Limited will buy back up to 16,168 common shares on the over the counter market between May 31 of this year and May 31 of next year, according to a filing with the Ontario Securities Commission.

As at May 31, 2006, 323,366 common shares were issued and outstanding. The price which Goderich Elevators will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of Goderich Elevators. All common shares purchased pursuant to the Bid will be cancelled.

Goderich Elevators believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Goderich Elevators and its future business prospects.

As a result, depending upon future price movements and other factors, Goderich Elevators believes that its outstanding common shares may represent an attractive investment to Goderich Elevators. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Goderich Elevators.

Goderich Elevators Limited recently bought the assets of the mustard seed miller G.S. Dunn of Hamilton, Ontario.