CanWel Building Materials Group Ltd.
TSX : CWX.UN

CanWel Building Materials Group Ltd.

November 18, 2008 08:00 ET

CanWel Building Materials Announces Distribution Agreement With Owens Corning Canada LP

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2008) -

NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES

CanWel Building Materials Income Fund (TSX:CWX.UN) ("CanWel" or the "Fund")(1) is pleased to announce that its subsidiary, CanWel Building Materials Ltd. has entered into an exclusive agreement with Owens Corning Canada LP to provide national warehouse and distribution services for Owens Corning fiberglass insulation products.

The addition of the Owens Corning family of insulation products aligns CanWel with a market leader for insulation products in Canada and will offer opportunities for successes in this important business category.

"CanWel continues with its strategy to partner with market leading brands and world class manufacturers such as Owens Corning. We are proud to be the exclusive Canadian distributor for Owens Corning insulation," noted Amar Doman, CanWel's Chairman. "We continue to strengthen our specialty product offering with the addition of Owens Corning to the basket of goods available to our customers," added Tom Donaldson, President and CEO of CanWel.

About Owens Corning(2)

Owens Corning is a world leader in building materials systems and composite solutions. A Fortune 500 company for more than 50 years, Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronic, telecommunications and other high-performance applications. Since the company's founding in 1938, Owens Corning has become a market-leading innovator of glass fiber technology with sales of $6.3 billion in 2005 and 20,000 employees in 25 countries. Owens Corning also has four manufacturing plants in Canada. Additional information is available at www.owenscorning.ca.

About CanWel

CanWel is one of Canada's largest national distributors in the building materials and related products sector, operating 16 distribution centres across Canada. The fund distributes a wide range of hardware, building materials, lumber and renovation products.

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, operating 16 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 CanWel'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 CanWel, including the performance of CanWel 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 the product lines will not be integrated successfully; the risk that any cost savings and any synergies from the agreement may not be fully realized or may take longer to realize than expected; and any disruptions from the agreement 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, operating costs, interest rate risk, credit risk, competitive conditions and other factors referenced herein and in the Company's AIF dated March 31, 2008 and our public filings on www.sedar.com. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. 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 CanWel with Canadian Securities Commissions and available on Sedar (http://www.sedar.com). CanWel 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.

(1) References to CanWel or the Fund include references to CanWel Building Materials Ltd. as the context may require.

(2) Information regarding Owens Corning has been obtained from public information which CanWel expects to be reliable, however CanWel has not independently verified such information.

Contact Information

  • CanWel Building Materials Income Fund
    Ali Mahdavi
    Investor Relations
    (416) 962-3300 or 1-866-430-6247
    Email: am@spinnakercmi.com
    or
    CanWel Building Materials Income Fund
    Tom Donaldson
    President
    (604) 432-1400