GOODWOOD ANNOUNCES AGREEMENT WITH WEBTECH WIRELESS INC. TO SUPPORT A CHANGE IN THE BOARD OF DIRECTORS

TORONTO, April 12 /CNW/ - Goodwood Inc. ("Goodwood") has entered into an agreement with WebTech Wireless Inc. ("WebTech" or the "Company") pursuant to which the Company supported a change in the board of directors of the Company.  Effective immediately, the Company's new board of directors is composed of Scott Edmonds, John Gildner, Andrew Gutman, Robert Kittel and Leonard Metcalfe.  Andrew Gutman will be the Chair of the new board of directors.

The agreement was the result of good-faith negotiations between Goodwood and the Company following Goodwood's requisition on March 14, on behalf of four of its managed funds, for a meeting of the Company's shareholders to replace the Company's board of directors or to elect additional directors.

Goodwood's Chairman and Chief Investment Officer, Peter Puccetti, stated: "Goodwood believes that the negotiated settlement is in the best interests of all WebTech shareholders. We look forward to working with the Company's new board of directors to maximize shareholder value."

The new board of directors has also reconstituted its standing special committee of independent directors to consist of John Gildner, Andrew Gutman and Robert Kittel.

About Goodwood Inc.

Goodwood Inc. (www.goodwoodfunds.com) manages the Goodwood Funds, a series of value-focused, long-oriented and Canadian-centered funds that employ an activist approach to surface value. The Goodwood Funds focus on purchasing securities well below Goodwood's estimate of their long term intrinsic value. 

SOURCE Goodwood Inc.

For further information:

please contact Peter H. Puccetti, Chairman and Chief Investment Officer, or Kumail Gangjee, Investment Analyst, Goodwood Inc. (416) 203-2022.

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