EDMONTON, June 29, 2011 /CNW/ - Canada One Auto Group Inc. ("Canada One" or the "Company") announced today that as part of an internal restructuring, 894,012 shares of AutoCanada Inc. have been transferred to an entity wholly owned by a former shareholder of Canada One.  Under the terms of such transfer, fifty percent of such shares cannot be sold until January 1, 2015, and further, under a voting trust arrangement, the voting rights related to such shares shall continue be exercised by Canada One until such time as such shares are transferred by the current owner to a third party. "Canada One shall continue to be a significant shareholder of AutoCanada and the transfer of shares is solely related to an internal restructuring of Canada One.  I am pleased that this restructuring has been completed in a manner whereby Canada One remains a significant owner and voting stakeholder in AutoCanada Inc.", stated Pat Priestner, majority shareholder of Canada One, and CEO of AutoCanada Inc.

Canada One Auto Group Inc. is controlled by Mr. Pat Priestner, CEO of AutoCanada Inc., and following the restructuring holds 42.3 percent of the common shares of AutoCanada Inc., and exercises 46.8 percent of the voting rights.