WOOD COMPOSITE TECHNOLOGIES INC. ANNOUNCES SALE OF EXTRUSION EQUIPMENT, UPDATE ON SALE OF NISKU PROPERTY AND REPORTS ON VOTING R

NISKU, AB, May 13 /CNW/ -- 
NISKU, AB, May 13 /CNW/ - Wood Composite Technologies Inc. (TSX-V: WCT)
 (the "Company") announced it has sold its extrusion equipment to
 Westech Building Products ULC ("Westech") for gross proceeds of
 $511,350 cash including GST.  The extrusion equipment was previously
 leased to Westech and was being used by Westech to provide custom
 extrusion services to the Company as announced on October 2, 2009. 
 Although there is no formal agreement existing at this time for future
 extrusion services, the Company expects that it will continue to be
 able to secure additional custom extrusion services from Westech as and
 when and if the Company determines it requires them, if ever.


The Company also announced that at the annual and special meeting of the
 shareholders of the Company ("Shareholders") held on May 10, 2011 (the
 "Meeting") the Shareholders approved a special resolution authorizing
 the directors of the Company to, in their discretion, sell all or
 substantially all the assets of the Company in one or more
 transactions.  This resolution constitutes the requisite shareholder
 approval required by the Company to complete the sale of the Company's
 Nisku property first announced on April 1, 2011.  Both the Company and
 the purchaser have now removed their conditions with respect to the
 sale of the Nisku property and the transaction is expected to close on
 July 24, 2011.


The Company also reported in relation to the Meeting that all of the
 general business of the meeting (i.e. election of directors and
 appointment of auditor) was approved.  All the special business voted
 on by Shareholders (i.e. the sale of the Company's assets) was also
 approved.  The Company also reported that certain matters of special
 business described in the management information circular and proxy
 statement dated April 5, 2011 (the "Circular") and the associated form
 of proxy in respect of the Meeting, namely the "Stated Capital
 Reduction Resolution", the "Reporting Issuer Resolution" and the "Share
 Transfer Restrictions Resolution" described in the Circular, were
 withdrawn from the agenda of the Meeting at the Meeting and were not
 voted on.  The decision to withdraw the matters of business was made by
 the board of directors notwithstanding the anticipated voting results
 with respect to the withdrawn matters.  The Company may re-address one
 or more of the withdrawn matters at a future meeting of the
 Shareholders. 


About Wood Composite


Wood Composite is listed on the TSX Venture Exchange under the symbol
 "WCT" and maintains certain patents and processes that are proprietary
 to the Company which utilize recycled post industrial materials.


The TSX Venture Exchange does not accept responsibility for the adequacy
 or accuracy of this release.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/13/c4440.html



p John Greenwoodbr/ President and Chief Executive Officerbr/ Telephone: [phone]br/ Facsimile:  [phone] /p p align="justify" Website: a href="http://www.woodcomp.com"www.woodcomp.com/a. /p 

Copyright