ComWest Enterprise Corp.

February 19, 2009 09:00 ET

ComWest Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2009) - ComWest Enterprise Corp. ("ComWest") (TSX VENTURE:CWP)(TSX VENTURE:CWP.A) is pleased to advise that the $627,900 invested in July 2007 in third party asset-backed commercial paper ("ABCP") has finally been repaid in full plus accrued interest to August 2008 totaling $656,084. The receipt of these locked-up investments now allows management to pursue more aggressively its planned strategy to acquire business opportunities with a positive earnings history.

In addition, the Company has terminated its previously announced negotiations with Alternative Energy Development Corporation Ltd. (AEDC) to acquire up to a 100% interest in AEDC in exchange for non-voting shares of ComWest. Notwithstanding the credible endorsements which AEDC has received from reputable organizations in the field of rural sustainable energy and the worthy nature of their endeavor, management discontinued negotiations due to ADEC's lack of historical earnings and likelihood of near-term profitability.

About ComWest

ComWest management has been actively identifying, conducting due diligence on and negotiating the potential acquisition of several profitable operating businesses. Deloitte Touche LLP were engaged to assist in this process in early 2008 but to date no acquisitions have been concluded.


Douglas F. Good, Director and CFO

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release.

Contact Information

  • ComWest Enterprise Corp.
    Douglas F. Good
    Director and CFO
    (604) 484-6628