McLean Capital Corporation

ComWest Enterprise Corp.

August 23, 2010 15:13 ET

McLean Capital Corporation Acquires Units of ComWest Enterprise Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2010) - McLean Capital Corporation ("McLean Capital") wishes to announce that it has acquired 266,700 Class B Voting Common Shares ("Class B Shares") and 266,700 special warrants ("Warrants") of ComWest Enterprise Corp. ("ComWest") through a private placement at a price of $0.40 per Class B Share and $5.60 per Warrant.

Each Warrant is exercisable, for no additional consideration, into one convertible 8% cumulative preferred share of ComWest upon creation of a class of preferred shares issuable in series by the shareholders of ComWest at the annual and special meeting of shareholders to be held on August 30, 2010. Each convertible preferred share is convertible at any time during the next five years into 7 Class A Restricted Equity Shares ("Class A Shares") of ComWest. If shareholders of ComWest do not approve of a class of preferred shares issuable in series, each Warrant is convertible at no additional consideration into 10 Class A Shares.

McLean Capital owns 266,700 Class B Shares of ComWest, which represents approximately 11.8% of the outstanding Class B Shares of Comwest. McLean Capital also owns 266,700 Warrants which may ultimately be convertible into up to 2,667,000 Class A shares and which may represent up to approximately 67.9% of the outstanding Class A Shares of ComWest.

The Units were acquired for investment purposes.

For further information, or a copy of the early warning report filed in respect of the above, please see contact information below.

Contact Information

  • McLean Capital Corporation
    Joel R. McLean
    (604) 909-0309