Coventree Provides Update on Tai Loans

    




 NEX Symbol:  COF.H 

 TORONTO, Feb. 2, 2012 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree"  or the "Company") announced today that it has recovered the amounts  owing to it by certain companies owned by Dean Tai. 

 Previously, the Company disclosed that loans totalling approximately  $1.62 million as at December 31, 2011 and owed to Coventree by certain  companies owned by Dean Tai were in default and that, in order to  recover the amounts owing, the Board of Directors had authorized the  sale in the market of the 500,000 shares of Coventree pledged by those  companies as security for those loans. That sale has now been  completed.  Approximately 456,000 shares were sold in the market at an  average price of approximately $3.89 per share. As a result, the  Company has recovered the amounts owing in respect of the loans in  default. 

 This press release is intended for distribution in Canada only. 

 Neither the TSX Venture Exchange nor its Regulation Services Provider  (as that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release. 

Coventree Inc.


CONTACT:  Craig Armitage                            Ani Hotoyan-JolyThe Equicom Group Inc.                    Coventree Inc.Tel: [phone] x278                  Tel: [phone]Email: [e-mail]         Email:  [e-mail] 


    

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