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CWP.A

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0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:CWP.A TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

ComWest Enterprise Announces Completion of Acquisition

02/07/2014 2:00pm

Marketwired Canada


ComWest Enterprise Corp. (TSX VENTURE:CWP)(TSX VENTURE:CWP.A) (the "Company") is
pleased to announce that it has completed the previously announced acquisition
of a 100% equity interest in Unisync Group Limited ("Unisync"), Canada's leading
designer, manufacturer and distributor of direct sale uniforms, workwear, image
apparel and related solutions. The transaction is valued at approximately
$13,000,000, including debt.


In connection with the financing of the acquisition, ComWest has completed the
first tranches of a previously announced non-brokered private placement. Under
the first tranches, 1,170,000 Class A restricted equity shares were issued at a
price of $1.50 per share for gross proceeds of $1,755,000.


All shares issued under the private placement are subject to a restricted period
that will expire four months after the issuance date. Insiders purchased 484,400
of the Class A restricted equity shares under the first tranches of the private
placement.


The private placement is subject to final acceptance by the TSX Venture Exchange.

About ComWest

ComWest's business is now comprised of its 90% partnership interest in Peerless
Garments LP based in Winnipeg, Manitoba, and its wholly owned subsidiary,
Unisync Group Limited. Unisync's head office is located in Mississauga, Ontario,
with a 100,000 square foot world-class distribution centre located in Guelph,
Ontario and a satellite distribution facility and sales office in Calgary.
Further particulars on both Peerless and Unisync were set out in the June 25,
2014 news release announcing the acquisition ( http://www.sedar.com ). Revenues
for Unisync during its last fiscal year ended September 30, 2013 were $21.3
million.


ComWest has paid a regular quarterly dividend since its acquisition of Peerless
in August 2010. The second quarterly dividend for 2014, which would normally
have been paid in June, was suspended to accommodate the acquisition of Unisync
and minimize dilution to existing shareholders. The Board expects to re-instate
a regular quarterly dividend after the following quarter, subject to available
cash resources.


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 future private placements and the payment
of future 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 the acquisition, 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. The
forward-looking statements contained herein are made as of the date of this news
release 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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
ComWest Enterprise Corp.
Investor relations contact:
778-370-1725
dgood@comwestenterprise.ca

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