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

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the "Reporting Issuer Resolution" and the "Share Transfer Restrictions Resolution" described in the Circular, were withdrawn from the agenda of the Meeting at the Meeting and were not voted on.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of business was made by the board of directors notwithstanding the anticipated voting results with respect to the withdrawn matters.  The Company may re-address one or more of the withdrawn matters at a future meeting of the Shareholders.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.

SOURCE Wood Composite Technologies Inc.

For further information:

John Greenwood
President and Chief Executive Officer
Telephone: (780) 955-3525
Facsimile:  (780) 955-7075

Website: www.woodcomp.com.

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Wood Composite Technologies Inc.

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