Student Transportation Announces Completion of Offer for Canadex Resources Limited

TORONTO (Jan. 18, 2008) -- Student Transportation of America Ltd. ("STA") announced today that it has, through its wholly owned subsidiary 2154742 Ontario Limited, taken-up 5,413,489 common shares (the "Common Shares") and 7,539,346 Class A preference shares (the "Preference Shares") of Canadex Resources Limited ("Canadex") pursuant to its offer dated December 10, 2007 (the "Offer") to acquire all of the Common Shares (including Common Shares issuable upon exercise of options) and Preference Shares of Canadex for cash consideration of $5.72 per Common Share and $1.00 per Preference Share, which Offer expired at 5:00 p.m. (Toronto time) on January 17, 2008. The Common Shares and Preference Shares that have been taken up under the Offer represent approximately 93.2% of the outstanding Common Shares of Canadex and 100% of the outstanding Preference Shares of Canadex.

STA intends to acquire the Common Shares and Preference Shares of Canadex that were not tendered to the Offer by exercising its statutory right of compulsory acquisition pursuant to the Business Corporations Act (Ontario). STA intends to apply to de-list the Common Shares of Canadex from the TSX and to cause Canadex to cease to be a reporting issuer.