CanWel Building Materials Group Ltd.
TSX : CWX.UN

CanWel Building Materials Group Ltd.

September 30, 2009 08:34 ET

CanWel Announces Executive Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2009) - CanWel Building Materials Income Fund (the "Fund") (TSX:CWX.UN) announced today that Mr. Tom Donaldson will be retiring as President and Chief Executive Officer of the Fund and its subsidiaries (collectively "CanWel") effective January 31, 2010, at which time Mr. Amar Doman, Chairman of the Board of CanWel will assume the role and responsibilities of President and Chief Executive Officer.

Mr. Donaldson said: "I have had a wonderful career working with the CanWel team, and I am proud of our achievements in creating what CanWel is today, including our initial listing on the TSX and subsequent conversion to an income trust. I will be leaving CanWel on a day to day basis to enter retirement, spend more time with my family in Atlantic Canada and to pursue other opportunities and challenges. I will be continuing as a member of the CanWel Board, and look forward to working with Amar as he maps out CanWel's exciting future."

Mr. Doman said, "Tom has played an integral role in establishing and growing the business into the successful organization it is today and assisting me in putting a strong team in place to lead the business going forward. The Board and I thank Tom for his service to date, wish him all the best as he enters retirement and look forward to his continued contribution at the board level." Mr. Doman continued, "The last year has witnessed some incredible changes in the Canadian and International economies, and I am very excited about leading CanWel forward as we start to emerge from these times."

Mr. Donaldson will continue as President and Chief Executive Officer until January 31, 2010 and Mr. Doman will commence to assume the responsibilities of that office during the transition period.

About CanWel

The Fund trades on the Toronto Stock Exchange under the symbol CWX.UN and is one of Canada's largest national distributors in the building materials and related products sector, operating 16 distribution centres across Canada. The Fund distributes a wide range of hardware, building materials, lumber, and renovation products.

Further information can be found in the disclosure documents filed by CanWel Building Materials Income Fund with the securities regulatory authorities, available at www.sedar.com

Certain statements in this press release may constitute "forward-looking" statements. When used in this press release, such statements use words, including but not limited to, "may", "will", "expect", "believe", "plan", "intend", "anticipate" and other similar terminology. These forward-looking statements reflect the current expectations of CanWel's management regarding future events but involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CanWel, including the performance of CanWel on a consolidated basis, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These factors include or any potential disruptions resulting from the changing of senior management, making it more difficult to maintain relationships with customers, employees or suppliers. Additional risks and uncertainties include, among others: general economic and business conditions, product selling prices, commodity price fluctuations, information systems risk, operating costs, interest rate risk, credit risk, competitive conditions and other factors referenced herein and in the Company's AIF dated March 31, 2009 and our public filings on www.sedar.com. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the periodic and other reports filed by CanWel with Canadian Securities Commissions and available on Sedar (http://www.sedar.com). CanWel does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise.

References to the Fund include references to CanWel, and references to CanWel include references to the Fund, as the context may require.

Contact Information

  • CanWel Building Materials Income Fund
    Amar Doman
    Chairman
    (604) 608-6600