CAPITAL WAPITI INC.
TSX VENTURE : WTI

November 28, 2007 13:29 ET

Capital Wapiti Inc. Appoints a President and Chief Operating Officer and Reports Financial Results for the Period Ended September 30, 2007

MONTREAL, QUEBEC--(Marketwire - Nov. 28, 2007) - Capital Wapiti Inc. (TSX VENTURE:WTI) ("Wapiti" or the "Corporation") announced today its financial results for the three-month and 212-day periods ended September 30, 2007. The following comments and highlights should be read in conjunction with the financial statements for the three-month and 212-day periods ended September 30, 2007.

"During the last interim period, the corporation worked diligently toward the completion of our Qualifying Transaction" said Mr. Bernard McDonell, Vice-Chairman and Chief Executive Officer of Wapiti. "Shortly after the end of this quarter, the Corporation completed its Qualifying Transaction and we can now focus on acquiring additional quality accretive industrial properties. We are confident that our base will rapidly grow and show good returns for our shareholders in the months to come" added Mr. McDonell.

Appointment of a President and Chief Operating Officer

At its meeting held on November 27, 2007, the Board of Directors approved the appointment of Mr. Robert Berger as President and Chief Operating Officer of Wapiti. Mr. Berger will enter into his new position on February 1st, 2008. Mr. Berger brings more than 25 years of real estate experience to Wapiti, in the project development, property management and acquisition fields. At the time he accepted the proposal from Wapiti, Mr. Berger was a principal and partner in a real estate company based in Montreal.

"We are very fortunate to have Robert join our team" said Marc Fortier, Chairman of the Board of Wapiti. "His vast experience complements the real estate expertise of our current investment committee which includes, amongst others, Mr. Bernard McDonell, Vice Chairman of the Board and Chief Executive Officer, Mr. Jean Martineau and Mr. Jean Mazigi."

Perspectives

Wapiti is actively pursuing the conclusion of transactions on three properties located in Eastern Canada. These will be announced as soon as all conditional aspects of the transactions are waived.

Management expects to complete all transactions by the end of January 2008. If successful, the three transactions would increase the leasable area held by Wapiti from 93,634 square feet to 224,028 square feet. The three buildings are fully-occupied under leases with an average term of 9.5 years. If completed, the acquisitions will be immediately accretive for Wapiti.

Financial Highlights

During the three-month period ended September 30, 2007, the Corporation realized a net loss and a total comprehensive loss of $17,031, resulting in a net loss per share of $0.0013. Net loss and comprehensive loss for the 212-day period ended September 30, 2007 amounted to $ 179,390, resulting in a net loss per share of $ 0.0160.

The Corporation's only income for the three-month and 212-day periods ended September 30, 2007 consisted of interest on short term investment in the amount of $13,552 and $25,731, respectively. Expenses for the three-month and 212-day periods included general administration expenses of $30,583 and $70,121, respectively, and stock-based compensation in the respective amounts of NIL and $135,000.

As of September 30, 2007, cash and cash equivalent totalled $1,086,202 while shareholders' equity amounted to $1,683,193.

Forward-Looking Statements:

This press release contains forward-looking statements. Forward-looking statements are subject to risk, uncertainties and assumptions. Although the directors of Wapiti believe that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors and risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the impact of general economic conditions, industry conditions, governmental regulation, environmental risk, competition from other industry participants, stock market volatility, the ability to access sufficient capital from internal and external sources and the risk of fluctuation and variation in actual operating results, which variation may be material. A full description of these risk factors can be found in Wapiti's final prospectus dated April 5, 2007 and Filing Statement dated October 15, 2007 which are available electronically at www.sedar.com.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included herein are made as of the date hereof and Wapiti does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise.

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this press release.

Contact Information

  • Capital Wapiti Inc.
    Mr. Bernard McDonell
    Vice-Chairman and Chief Executive Officer
    514-914-2536
    or
    Capital Wapiti Inc.
    Mr. Serge Beaudet
    Chief Financial Officer and Secretary
    514-892-2936