CanWel Building Materials Group Ltd.
TSX : CWX.UN

CanWel Building Materials Group Ltd.

October 01, 2007 08:30 ET

CanWel Renews Its CAD $275,000,000 Revolving Credit Facility

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) -

NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES

CanWel Building Materials Ltd. ("CanWel") a subsidiary of CanWel Building Materials Income Fund (TSX:CWX.UN) announced today that it has renewed its $275,000,000 banking facility, for an additional four-year term, with Wachovia Capital Finance Corporation (Canada).

"We are pleased to have renewed our credit facilities, on favourable terms, with Wachovia. This will mark the fourth renewal with Wachovia, one of the largest banks in North America, and a valued partner of CanWel since 1997," noted Amar Doman, Chairman of CanWel.

"We are happy to be associated with our incumbent bank for an additional four year term. Their confidence in CanWel's business model and in documenting a very flexible credit facility endorses our strategic plan and vision for the
Company," added Tom Donaldson, President of CanWel.

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, with approximately $1 billion in revenues, operating 17 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 the Fund'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 the Fund, including the performance of, and distributable cash generated by, its subsidiaries, 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 the risk that acquisitions will not be integrated successfully; the risk that any cost savings and any synergies from transactions may not be fully realized or may take longer to realize than expected; and disruption from acquisitions 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, environmental risk, interest rate changes, operating costs, and competitive conditions. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. The foregoing risk factors are not exhaustive and are merely illustrative; 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 the Fund with Canadian Securities Commissions and available on Sedar (http://www.sedar.com). The Fund 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.

Contact Information

  • For further information regarding CanWel please contact:
    Ali Mahdavi
    Investor Relations
    (416) 962-3300 or 1-866-430-6247
    Email: amahdavi@genoa.ca