ComWest Enterprise Corp.
TSX VENTURE : CWP
TSX VENTURE : CWP.A

February 18, 2011 16:08 ET

ComWest Enterprise Announces Conditional Approval of Change in Business and Dividend

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2011) - ComWest Enterprise Corp. (TSX VENTURE:CWP) (TSX VENTURE:CWP.A) (the "Company") is pleased to announce that it has received the conditional of the TSX Venture Exchange (the "Exchange") to its previously announced and completed change in business transaction whereby the Company acquired a 90% interest in a Winnipeg-based garment manufacturing business. Final approval of the Exchange is subject to disinterested shareholder approval of the change in business and usual Exchange conditions. The Company expects to call a meeting of shareholders in the near future to seek approval of the change in business. The shares of the Company are expected to remain halted until such time as the Company obtains final approval of the Exchange to the change in business.

The Company also announces that preliminary unaudited financial results indicate that the net income for the Company for the year ended November 30, 2010 will be $2,340,334, as compared to a loss of $64,829 for the previous year. Net income reflects income earned from the garment manufacturing business since the acquisition date of August 19, 2010 and is after an extraordinary gain on acquisition of this business of $2,425,323.

The board of directors of the Company has declared a cash dividend of $0.02 per share, payable to shareholders of record on March 1, 2011. The dividend will be paid on or about March 15, 2011. Both holders of Class A Restricted Equity Shares and Class B Common Shares will be entitled to the dividend. This dividend is the initial dividend reflecting a new dividend policy adopted by the Board whereby the Board expects to declare a quarterly dividend of $0.02 per share, subject to available cash resources, terms of credit facilities and regulatory requirements. All dividends declared by the Company are designated as eligible dividends.

Investors are cautioned that, except as disclosed in the Management Information Circular and/or Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

ON BEHALF OF THE BOARD

Douglas F. Good, President

Forward Looking Statements

This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties. Examples of such forward-looking statements including, but are not limited to, statements concerning the Corporation's acquisition of an operating business and the Corporation's intention to pay dividends. These forward-looking statements involve known and unknown risk and uncertainties that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include risks related to dependence on key personnel, competition, risks related to newly acquired businesses, uncertainty and dilution of additional financing and ability to service debt, as well as the risk factors described in the Corporation's Management Discussion and Analysis filed on SEDAR at www.sedar.com, and the risks to be described in any Management Information Circular and/or Filing Statement to be prepared in connection with the transaction. The forward-looking statements contained herein are made as of the date of this Circular and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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