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WHD West Hawk Development Corp.

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Share Name Share Symbol Market Type
West Hawk Development Corp. TSXV:WHD 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 -

Fuselier Meets and Proposes Settlement Terms With All Creditors of West Hawk

09/05/2008 4:10am

Marketwired Canada


West Hawk Development Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the
"Company") is pleased to announce that Fuselier Holdings, LLC ("Fuselier")
announced today that it has now met with all creditors of West Hawk, including
at a global meeting with 29 creditors present who had filed lawsuits or made
liens against West Hawk.


Fuselier reports formal agreements have now been made to all creditors and that
responses are expected on or before May 14th, 2008. The aggregate amount of debt
addressed in these proposals to creditors total US$8.5 million; the majority of
that debt has been assigned to Fuselier. The proposed agreements include terms
of release by lien holders of current encumbrances against West Hawk assets.


"Curing the lien/lawsuit situation of West Hawk should allow that Company to
grow swiftly by allowing it to pursue corporate goals without restriction. I am
pleased at the overall cooperation of all parties involved, including an effort
by West Hawk to see that all creditors are paid and by creditors in giving
freedom to West Hawk for expansion and strategic growth," said Dr. Jean R.
Fuselier, Sr., President and CEO of Fuselier Holding, LLC.


Fuselier previously announced a definitive agreement to transfer and assign to
Fuselier approximately US$10.6 million in outstanding trade debt, including all
the debt outstanding for West Hawk's natural gas property being developed in
Colorado.


On behalf of the Board of Directors,

Dr. Wm. Mark Hart, President and Chief Executive Officer

About the Company: West Hawk Development Corp. is focused on providing valuable,
high-demand energy products from a variety of sources. Assets include the Figure
Four natural gas property located in the Piceance Basin, Colorado, being
developed under a drilling and development agreement; the Groundhog coal
property located in northwest British Columbia; the Tulita coal property in the
Northwest Territories; and the Ellesmere Island, Nunavut Territory coal
property.


Cautionary Note: This report contains forward looking statements, particularly
those regarding cash flow, capital expenditures and investment plans. Resource
estimates, unless specially noted, are considered speculative. The Company has
filed a National Instrument 51-101 Report on the Figure Four property. The
Company has filed National Instrument 43-101 Reports for each of the Tulita coal
property in the Northwest Territories, the Nunavut Coal property and the
Groundhog Coal property. Any and all other resource or reserve estimates are
historical in nature, and should not be relied upon. By their nature, forward
looking statements involve risk and uncertainties because they relate to events
and depend on factors that will or may occur in the future. Actual results may
vary depending upon exploration activities, industry production, commodity
demand and pricing, currency exchange rates, and, but not limited to, general
economic factors. Cautionary note to U.S. investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or formation
tests and can be shown to be economically and legally producible under existing
economic and operating conditions.


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