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MOSAIC GROUP TO SELL MOSAIC PERFORMANCE SOLUTIONS

Toronto-based Mosaic Group has entered an agreement to sell Mosaic Performance Solutions to a new company owned by Marc Byron and David Graf. The price is US$4.2 million. The sale is part of Mosaic's ongoing attempts to restructure its debt. In January, New York-based Lazard Freres & Co. was hired to assist in the possible sale of all or part of the company. Byron, who was vice-chairman, director and CEO of Mosaic, and Graf, who was an officer of Mosaic, have resigned their positions due to their involvement in the sale. Also, Mosaic has obtained an extension of protection under the Companies Creditors Arrangement Act to June 16. Mosaic first obtained a court order under the act in December 2002.

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