RW Packaging Ltd.
TSX VENTURE : RWP

RW Packaging Ltd.

September 27, 2007 17:09 ET

RW Packaging Announces Intention to go Private

WINNIPEG, MANITOBA--(Marketwire - Sept. 27, 2007) - RW Packaging Limited ("RWP") (TSX VENTURE:RWP) announced today that its Board of Directors intends to proceed with a plan to "go private", subject to certain conditions.

The current intention of RWP is:

(a) to conduct a substantial issuer bid (the "Issuer Bid") for the outstanding common shares of RWP ("Shares");

(b) following the completion of the Issuer Bid:

(i) to make application to the TSX Venture Exchange Inc. (the "TSXV") to delist the Shares following the completion of the Issuer Bid; and

(ii) to make application to applicable securities regulatory authorities for an order declaring that RWP no longer has the status of a "reporting issuer" under applicable securities laws.

The "going private" plan is subject to certain conditions, including receipt of regulatory approvals, arranging adequate financing and receipt of a formal valuation of RWP. The Board of Directors of RWP has formed a special committee comprised of its independent directors, Ms. Lorrinda McMillan and Mr. Zaffar Javaid, who will be responsible for overseeing the going private process, including overseeing the preparation of the formal valuation and approving an offering price for the Shares under the Issuer Bid.

The Issuer Bid will provide shareholders of RWP with an opportunity to sell their Shares prior to the Shares being delisted from the TSXV. Certain major shareholders ("Non-Tendering Shareholders") of RWP, being Mr. Henry De Ruiter, Ms. Deanne Downey and Mr. Vincent Pileggi, holding an aggregate of 4,790,834 Shares or approximately 72.7 per cent of the outstanding common shares, have agreed not to tender to the Issuer Bid and to support the applications to the TSX and securities regulators such that they will remain shareholders of RWP following the completion of the Issuer Bid and the delisting of the Shares from the TSXV.

RW is GMP licensed and ISO 9001 registered. The Company blends and packages liquid and powder private brand consumer products for major retailers and national brand marketers across North America.

E-mail inquiries may be sent to rwp@rwpackaging.com. Additional information relating to the Company is available online at www.sedar.com or the Company's website at www.rwpackaging.com.

Shares Issued 6,587,680

2007-09-26 Close $0.33

The TSX Venture Exchange (TSX Venture) has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this release.

Contact Information