News Releases

(TSX: CUQ)

EDMONTON, March 16 /CNW/ - The Churchill Corporation announced today that
it is taking immediate action to restructure Triton's business model to
improve financial performance and align its operation with our view of current
and expected activity levels for the future.
Jim Houck, President and Chief Executive Officer, said, "The industrial
construction market has continued to decline in recent months and today we are
announcing a significant restructuring of Triton's business to improve
productivity and offer a more cost competitive product to our clients."

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Effective today:
- Triton will reduce its total manpower by approximately 35%.
- Triton will also be trimming discretionary spending.
- Triton is centralizing its maintenance operations and support staff
to Edmonton from their previous base of Bonnyville, Alberta,
resulting in the closure of the Bonnyville facility.
- Only mission-critical capital expenditures will be authorized.
- The company will dispose of various fixed assets.
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We expect these actions will improve Triton's bottom-line performance by
approximately $2 million annually. Churchill will continue to monitor market
conditions carefully and work with Triton management to maximize shareholder
value.

The Churchill Corporation provides building construction, industrial
construction and maintenance services throughout Western Canada. Churchill
common shares are listed on The Toronto Stock Exchange under the symbol "CUQ".

FORWARD-LOOKING STATEMENTS

Certain statements in this Press Release may constitute "forward-looking
statements". Forward-looking statements include, without limitation,
statements regarding the future financial position, business strategy,
budgets, litigation, projected costs, capital expenditures, financial results,
taxes, plans and objectives of the Corporation. Many of these statements can
be identified by looking for words such as "believes," "expects," "may,"
"will," "intends," "anticipates," "estimates," "continues," or the negative
thereof, or other variations thereon. Although management of Churchill
believes its expectations regarding future performance of the Corporation are
based on reasonable assumptions and currently available competitive, financial
and economic data, market conditions and operating plans, it can give no
assurance its expectations will be achieved. The Corporation cautions that, by
their nature, forward-looking statements, involve risks, and uncertainties and
that its actual actions, and/or results could differ materially from those
expressed or implied in such forward-looking statements, and that the
aforementioned risks, uncertainties and actions could affect the extent to
which a particular projection materializes. The Corporation assumes no
obligation to update the forward-looking statements should circumstances or
the Corporation's management's estimates or opinions change.