Wood Composite Technologies Inc. Announces the Release of Its Interim Financial Statements for the Quarter Ended September 30...

    




 NISKU, AB, Oct. 31, 2011 /CNW/ - Wood Composite Technologies Inc.   (the "Company") is pleased to announce the release of its  financial and operating results for the three months ended September  30, 2011 (the "Interim Financial Statements"). The Interim Financial  Statements have been filed today via SEDAR and are accessible at www.sedar.com. 

 The Company is also pleased to announce that it has disposed of the  remainder of its decking product inventory.  The Company had extended  its lease back of a portion of the property sold to DiCorp Properties  Inc. pending the disposal of the inventory and has now exited the  property and ended the leasing arrangements. 

 The Company is continuing to pursue a process of identifying and  evaluating a range of strategic alternatives aimed at maximizing  shareholder value as previously disclosed.  This continues to involve  significant reductions in expenses and the preservation of cash.  In  furtherance of this process the Company has terminated the employment  agreements with its President and CEO, John Greenwood and its Interim  Chief Financial Officer, Julie MacPherson and paid severance  obligations related to such agreements.  Both Mr. Greenwood and Ms.  MacPherson have agreed to continue in their current positions on the  basis of new contracts for services. 

 Under the terms of the new agreement with Mr. Greenwood, he is entitled  to regular monthly fees which are significantly reduced from his  previous employment arrangements.  The new agreement provides it will  automatically terminate upon (a) the Company completing a transaction  with a third party whereby Mr. Greenwood's services are no longer  required by the Company or (b) the Company has been legally wound up.   In addition, the agreement may be terminated for any reason by the  Company or Mr. Greenwood upon two weeks written notice.  In the event  of such termination, Mr. Greenwood would only be entitled to any  outstanding regular fees for services under the agreement. 

 The terms of the new agreement with Ms. MacPherson are substantially the  same as the new agreement with Mr. Greenwood, however in the event of  the termination of the new agreement with Ms. MacPherson, by the  Company, the Company has agreed to pay an additional completion bonus  of $20,000. 

 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. 

Wood Composite Technologies Inc.


CONTACT:  John GreenwoodPresident and Chief Executive OfficerTelephone: [phone]Facsimile: [phone]Websites: www.woodcomp.com. 


    

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