Crowsnest Acquisition Corp. Announces Closing of Initial Public Offering

Crowsnest Acquisition Corp. ("Crowsnest" or the "Corporation") (TSX
VENTURE:CAW.P) is pleased to announce that it has successfully completed its
initial public offering ("Offering") raising gross proceeds of $300,000 pursuant
to a prospectus dated November 16, 2012. An aggregate of 3,000,000 Common shares
in the capital of the Corporation (the "Shares") were subscribed for at a price
of $0.10 per Share. The Corporation has received conditional listing approval
from the TSX Venture Exchange (the "Exchange") for its Shares and expects that
trading will commence on December 4, 2012 under the stock symbol CAW.P, but the
Shares will be immediately halted pending receipt by the Exchange of
satisfactory documentation.


Mackie Research Capital Corporation with its selling group (the "Agent") acted
as the agent for the Offering. The Agent received a cash commission equal to 10%
of the gross proceeds of the Offering and an option to purchase 300,000 Shares
at a price of $0.10 per Share for a period of 24 months from the date of listing
of the Shares on the Exchange. The Agent also received a corporate finance fee
of $10,000.


Upon closing of the Offering, Crowsnest granted 600,000 incentive stock options
to its directors and officers which are exercisable within ten years from the
date of the grant at an exercise price of $0.10 per Share. As a result of the
closing of its initial public offering, Crowsnest now has 6,000,000 Shares
issued and outstanding (3,000,000 of which are subject to escrow restrictions).


About the Corporation

Crowsnest is a capital pool company ("CPC") within the meaning of the policies
of the Exchange that has not commenced commercial operations and has no assets
other than cash. The board of directors of Crowsnest consists of Gordon
McCormack, Victor S. Dusik, Blair Pennock and Paul Folkmann. The officers of the
Corporation are Gordon McCormack and Blair Pennock. Except as specifically
contemplated in the Exchange CPC policy, until the completion of its Qualifying
Transaction, the Corporation will not carry on business, other than the
identification and evaluation of companies, business or assets with a view to
completing a proposed Qualifying Transaction.


Forward Looking Information

This news release contains statements about Crowsnest's expectations regarding
the completion of the application for listing and the commencement of trading on
the Exchange that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as final listing approval from the
Exchange. Although Crowsnest believes that the expectations reflected in these
forward-looking statements are reasonable as Crowsnest assumes it will be able
to fulfill the terms of the conditional listing approval granted by the
Exchange, undue reliance should not be placed on them as actual results may
differ materially from the forward-looking statements. Factors that could cause
the actual results to differ materially from those in forward-looking statements
include failure to fulfill conditions of listing and inability to obtain
required regulatory approvals. The forward-looking statements contained in this
press release are made as of the date hereof, and Crowsnest undertakes no
obligation to update publicly or revise any forward-looking statements or
information, except as required by law.


This news release does not constitute an offer to sell or a solicitation of any
offer to buy the common shares in the United States. The common shares have not
been and will not be registered under the U.S. Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable
exemption for the registration requirements of such Act.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Crowsnest Acquisition Corp.
Gordon McCormack
Chief Executive Officer and Director
[phone]