ComWest Enterprise Corp.

C. Michael O’Brian

August 23, 2010 15:13 ET

O'Brian Group Acquires Securities of ComWest Enterprise Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2010) - C. Michael O'Brian wishes to announce that he and certain other entities that may be considered joint actors (the "O'Brian Group") have acquired a total of 259,000 Class B Voting Common Shares ("Class B Shares") and 259,000 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.

The O'Brian Group consists of C. Michael O'Brian, Nairbo Family Trust, Michael O'Brian Family Foundation and Aiken Family Trust. The issuance of this news release is not an admission that any of the O'Brian Group are in fact joint actors.

Following the private placement, the O'Brian Group owns 335,247 Class B Shares of ComWest, which represents approximately 14.9% of the outstanding Class B Shares of ComWest. The O'Brian Group also owns 70,546 Class A Shares of ComWest and 259,000 Warrants which may ultimately be convertible into up to 2,590,000 Class A shares and which together may represent up to approximately 69.8% 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

  • C. Michael O'Brian
    (604) 266-1559